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Harbin High-Tech (Group) Q2 loss narrows YOY

Harbin High-Tech (Group) Co. Ltd. said its second-quarter normalized net income amounted to a loss of 3.5 million yuan, compared with a loss of 3.8 million 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 7.1% from negative 6.7% in the year-earlier period.

Total revenue totaled 56.9 million yuan, compared with 56.7 million yuan in the prior-year period, and total operating expenses decreased from the prior-year period to 66.7 million yuan from 68.7 million yuan.

Reported net income came to a loss of 6.5 million yuan, or a loss of 2 fen per share, compared to a loss of 8.3 million yuan, or a loss of 2 fen per share, in the prior-year period.

As of Aug. 31, US$1 was equivalent to 6.68 yuan.