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Kasen International swings to profit in H1

Kasen International Holdings Ltd. said its first-half normalized net income was 1 fen per share, compared with a loss of 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 18.2 million yuan, compared with a loss of 20.2 million yuan in the year-earlier period.

Total revenue grew 74.5% year over year to 1.10 billion yuan from 632.6 million yuan, and total operating expenses increased 77.7% on an annual basis to 1.09 billion yuan from 613.1 million yuan.

Reported net income totaled a loss of 14.5 million yuan, or a loss of 1 fen per share, compared to income of 121.5 million yuan, or 10 fen per share, in the year-earlier period.

As of Sept. 9, US$1 was equivalent to 6.68 yuan.