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BOE Technology Group swings to profit in Q2

BOE Technology Group Co. Ltd. said its second-quarter normalized net income came to 3 fen per share, compared with a loss of 1 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.03 billion yuan, compared with a loss of 471.1 million yuan in the year-earlier period.

The normalized profit margin climbed to 4.5% from negative 3.3% in the year-earlier period.

Total revenue grew 60.8% on an annual basis to 22.75 billion yuan from 14.15 billion yuan, and total operating expenses grew 40.0% year over year to 20.34 billion yuan from 14.53 billion yuan.

Reported net income came to 1.89 billion yuan, or 5 fen per share, compared with a loss of 624.8 million yuan, or a loss of 2 fen per share, in the year-earlier period.

As of Aug. 28, US$1 was equivalent to 6.63 yuan.