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Echom swings to loss in Q2

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Echom swings to loss in Q2

Guangzhou Echom Sci.&Tech.Co.Ltd said its second-quarter normalized net income came to a loss of 1.7 million yuan, compared with income of 1.9 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 increased to 0.5% from 0.2% in the year-earlier period.

Total revenue decreased year over year to 766.4 million yuan from 786.6 million yuan, and total operating expenses declined year over year to 753.5 million yuan from 786.0 million yuan.

Reported net income increased 37.6% from the prior-year period to 5.1 million yuan, or 1 fen per share, from 3.7 million yuan, or 1 fen per share.

As of Aug. 19, US$1 was equivalent to 6.40 yuan.