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Shanghai Phoenix Enterprise swings to loss in Q2

Shanghai Phoenix Enterprise (Group) Co. Ltd. said its second-quarter normalized net income was a loss of 3.8 million yuan, compared with income of 234,530 yuan in the prior-year period.

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

The normalized profit margin fell to negative 2.1% from 0.1% in the year-earlier period.

Total revenue climbed 15.5% on an annual basis to 181.0 million yuan from 156.7 million yuan, and total operating expenses climbed 14.3% from the prior-year period to 184.4 million yuan from 161.3 million yuan.

Reported net income came to a loss of 4.4 million yuan, or a loss of 1 fen per share, compared to income of 1.3 million yuan, or 0 fen per share, in the prior-year period.

As of Aug. 20, US$1 was equivalent to 6.39 yuan.