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Tonghua Grape Wine swings to profit in Q2

Tonghua Grape Wine Co. Ltd. said its normalized net income for the second quarter amounted to 1.1 million yuan, compared with a loss of 1.9 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 rose to 1.2% from negative 2.3% in the year-earlier period.

Total revenue fell 25.9% year over year to 60.2 million yuan from 81.3 million yuan, and total operating expenses declined 29.7% on an annual basis to 51.1 million yuan from 72.7 million yuan.

Reported net income fell 79.0% on an annual basis to 370,470 yuan, or 0 fen per share, from 1.8 million yuan, or 1 fen per share.

As of Aug. 26, US$1 was equivalent to 6.67 yuan.