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Sichuan Jinyu Automobile Q3 loss widens YOY

Sichuan Jinyu Automobile City (Group) Co. Ltd. said its normalized net income for the third quarter was a loss of 6 fen per share, compared with a loss of 1 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 7.6 million yuan, compared with a loss of 1.9 million yuan in the year-earlier period.

The normalized profit margin fell to negative 54.8% from negative 6.3% in the year-earlier period.

Total revenue declined 54.2% year over year to 13.9 million yuan from 30.3 million yuan, and total operating expenses fell 32.3% on an annual basis to 19.2 million yuan from 28.4 million yuan.

Reported net income totaled a loss of 12.8 million yuan, or a loss of 10 fen per share, compared to a loss of 4.4 million yuan, or a loss of 3 fen per share, in the prior-year period.

As of Oct. 26, US$1 was equivalent to 6.77 yuan.