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Shenzhen Quanxinhao swings to profit in Q3

Shenzhen Quanxinhao Co. Ltd. said its third-quarter normalized net income came to 966,670 yuan, compared with a loss of 556,920 yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 8.7% from negative 1.8% in the year-earlier period.

Total revenue fell 64.3% year over year to 11.1 million yuan from 31.0 million yuan, and total operating expenses decreased 55.9% from the prior-year period to 14.2 million yuan from 32.1 million yuan.

Reported net income came to 6.6 million yuan, or 2 fen per share, compared to a loss of 4.2 million yuan, or a loss of 1 fen per share, in the prior-year period.

As of Oct. 28, US$1 was equivalent to 6.78 yuan.