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XinJiang Korla Pear swings to loss in Q2

XinJiang Korla Pear Co. Ltd. said its second-quarter normalized net income came to a loss of 1.1 million yuan, compared with income of 63,960 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 dropped to negative 8.8% from 0.2% in the year-earlier period.

Total revenue decreased 57.2% year over year to 12.6 million yuan from 29.5 million yuan, and total operating expenses declined 51.4% on an annual basis to 14.3 million yuan from 29.4 million yuan.

Reported net income totaled a loss of 2.4 million yuan, or a loss of 2 fen per share, compared to income of 64,600 yuan, or 0 fen per share, in the year-earlier period.

As of Aug. 17, US$1 was equivalent to 6.64 yuan.