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Zhejiang Yonglong Enterprises Q2 loss widens YOY

Zhejiang Yongan Rongtong Holdings Co. Ltd. said its normalized net income for the second quarter came to a loss of 2.8 million yuan, compared with a loss of 163,750 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 negative 8.0% from negative 0.4% in the year-earlier period.

Total revenue decreased 19.3% on an annual basis to 35.3 million yuan from 43.8 million yuan, and total operating expenses decreased 7.9% year over year to 35.7 million yuan from 38.8 million yuan.

Reported net income totaled a loss of 4.5 million yuan, or a loss of 0 fen per share, compared to a loss of 262,000 yuan, or a loss of 0 fen per share, in the year-earlier period.

As of Aug. 12, US$1 was equivalent to 6.63 yuan.