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Solavina JSC swings to loss in Q2

Solavina JSC said its normalized net income for the second quarter came to 293.2 million dong, compared with income of 96.1 million dong in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 10.1% from 1.0% in the year-earlier period.

Total revenue fell 60.1% on an annual basis to 4.03 billion dong from 10.10 billion dong, and total operating expenses declined 54.7% year over year to 4.45 billion dong from 9.84 billion dong.

Reported net income totaled a loss of 469.2 million dong, compared with income of 153.1 million dong, or 51.02 dong per share, in the year-earlier period.

As of July 20, US$1 was equivalent to 21,823.50 dong.