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Xingye Leather swings to profit in Q3

Xingye Leather Technology Co. Ltd. said its third-quarter normalized net income was 6 fen per share, compared with a loss of 4 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 16.6 million yuan, compared with a loss of 9.1 million yuan in the prior-year period.

The normalized profit margin rose to 2.4% from negative 1.3% in the year-earlier period.

Total revenue fell year over year to 696.5 million yuan from 717.8 million yuan, and total operating expenses decreased on an annual basis to 667.4 million yuan from 699.5 million yuan.

Reported net income totaled 23.0 million yuan, or 9 fen per share, compared to a loss of 13.8 million yuan, or a loss of 6 fen per share, in the prior-year period.

As of Oct. 24, US$1 was equivalent to 6.77 yuan.