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Luoniushan swings to loss in Q2

Luoniushan Co. Ltd. said its second-quarter normalized net income was a loss of 1 fen per share, compared with 4 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 10.2 million yuan, compared with income of 31.7 million yuan in the prior-year period.

The normalized profit margin fell to negative 3.5% from 12.0% in the year-earlier period.

Total revenue declined 18.9% on an annual basis to 215.3 million yuan from 265.5 million yuan, and total operating expenses decreased 17.8% from the prior-year period to 229.7 million yuan from 279.4 million yuan.

Reported net income totaled a loss of 12.8 million yuan, or a loss of 1 fen per share, compared to income of 44.8 million yuan, or 5 fen per share, in the year-earlier period.

As of July 24, US$1 was equivalent to 6.21 yuan.