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Guizhou Tyre swings to loss in Q2

Guizhou Tyre Co. Ltd. said its second-quarter normalized net income was a loss of 6 fen per share, compared with 2 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 41.3 million yuan, compared with income of 17.4 million yuan in the prior-year period.

The normalized profit margin fell to negative 2.5% from 1.6% in the year-earlier period.

Total revenue climbed 51.4% year over year to 1.63 billion yuan from 1.07 billion yuan, and total operating expenses increased 66.9% year over year to 1.68 billion yuan from 1.01 billion yuan.

Reported net income came to a loss of 44.1 million yuan, or a loss of 6 fen per share, compared to income of 22.2 million yuan, or 3 fen per share, in the year-earlier period.

As of Aug. 19, US$1 was equivalent to 6.65 yuan.