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BOE Technology Group swings to loss in Q2

BOE Technology Group Co. Ltd. said its second-quarter normalized net income was a loss of 2 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 685.7 million yuan, compared with income of 604.4 million yuan in the prior-year period.

The normalized profit margin declined to negative 3.3% from 5.3% in the year-earlier period.

Total revenue increased 24.3% year over year to 14.15 billion yuan from 11.39 billion yuan, and total operating expenses rose 35.1% from the prior-year period to 14.53 billion yuan from 10.75 billion yuan.

Reported net income totaled a loss of 624.8 million yuan, or a loss of 2 fen per share, compared with income of 973.0 million yuan, or 3 fen per share, in the prior-year period.

As of Aug. 29, US$1 was equivalent to 6.68 yuan.