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Shanghai Fenghwa swings to profit in Q3

Shanghai Fenghwa Group Co. Ltd. said its normalized net income for the third quarter was 548,950 yuan, compared with a loss of 670,650 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 increased to 2.3% from negative 3.5% in the year-earlier period.

Total revenue grew 26.6% year over year to 24.2 million yuan from 19.1 million yuan, and total operating expenses rose 14.9% year over year to 23.8 million yuan from 20.7 million yuan.

Reported net income came to 1.0 million yuan, or 1 fen per share, compared to a loss of 376,590 yuan, or a loss of 0 fen per share, in the year-earlier period.

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