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BOE Technology Group Q3 profit falls YOY

BOE Technology Group Co. Ltd. said its third-quarter normalized net income was 195.6 million yuan, a decline of 73.8% from 745.8 million 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 dropped to 1.5% from 8.1% in the year-earlier period.

Total revenue rose 46.6% on an annual basis to 13.45 billion yuan from 9.17 billion yuan, and total operating expenses climbed 52.5% from the prior-year period to 12.57 billion yuan from 8.24 billion yuan.

Reported net income decreased 95.7% year over year to 35.0 million yuan, or 0 fen per share, from 813.1 million yuan, or 2 fen per share.

As of Oct. 26, US$1 was equivalent to 6.35 yuan.