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Metersbonwe swings to loss in Q3

Shanghai Metersbonwe Fashion & Accessories Co. Ltd. said its normalized net income for the third quarter came to a loss of 21.8 million yuan, compared with income of 4.4 million 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 declined to negative 1.3% from 0.3% in the year-earlier period.

Total revenue increased 5.5% on an annual basis to 1.64 billion yuan from 1.55 billion yuan, and total operating expenses rose 8.2% on an annual basis to 1.65 billion yuan from 1.53 billion yuan.

Reported net income totaled a loss of 93.8 million yuan, or a loss of 4 fen per share, compared to a loss of 81.8 million yuan, or a loss of 3 fen per share, in the prior-year period.

As of Oct. 27, US$1 was equivalent to 6.78 yuan.