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WanXiang Doneed swings to profit in Q3

WanXiang Doneed Co. Ltd. said its third-quarter normalized net income was 285,780 yuan, compared with a loss of 937,740 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 climbed to 1.4% from negative 4.0% in the year-earlier period.

Total revenue grew 87.5% on an annual basis to 43.6 million yuan from 23.3 million yuan, and total operating expenses grew 50.7% on an annual basis to 44.6 million yuan from 29.6 million yuan.

Reported net income totaled 1.8 million yuan, or 1 fen per share, compared to a loss of 1.7 million yuan, or a loss of 1 fen per share, in the prior-year period.

As of Oct. 28, US$1 was equivalent to 6.78 yuan.