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Minsheng Holdings swings to loss in Q2

Minsheng Holdings Co. Ltd. said its normalized net income for the second quarter came to a loss of 117,600 yuan, compared with income of 19.9 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 declined to 2.6% from 47.5% in the year-earlier period.

Total revenue grew 75.5% year over year to 73.4 million yuan from 41.8 million yuan, and total operating expenses increased year over year to 101.5 million yuan from 38.7 million yuan.

Reported net income fell 50.2% on an annual basis to 7.8 million yuan, or 1 fen per share, from 15.6 million yuan, or 3 fen per share.

As of Aug. 30, US$1 was equivalent to 6.67 yuan.