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Shanghai Shenhua Holdings swings to loss in Q2

Shanghai Shenhua Holdings Co. Ltd. said its second-quarter normalized net income came to a loss of 33.9 million yuan, compared with income of 7.8 million yuan in the year-earlier period.

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

The normalized profit margin fell to 0.2% from 0.5% in the year-earlier period.

Total revenue increased 64.8% year over year to 2.47 billion yuan from 1.50 billion yuan, and total operating expenses grew 64.4% on an annual basis to 2.49 billion yuan from 1.51 billion yuan.

Reported net income declined 45.6% year over year to 6.1 million yuan, or 0 fen per share, from 11.2 million yuan, or 1 fen per share.

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