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Xinglong Holding (Group) Q2 loss narrows YOY

Xinglong Holding (Group) Co. Ltd. said its normalized net income for the second quarter amounted to a loss of 2.7 million yuan, compared with a loss of 5.2 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 climbed to negative 2.2% from negative 6.5% in the year-earlier period.

Total revenue increased 54.7% year over year to 123.3 million yuan from 79.7 million yuan, and total operating expenses grew 44.7% on an annual basis to 125.2 million yuan from 86.5 million yuan.

Reported net income came to a loss of 3.8 million yuan, or a loss of 1 fen per share, compared to a loss of 9.0 million yuan, or a loss of 2 fen per share, in the year-earlier period.

As of Aug. 26, US$1 was equivalent to 6.67 yuan.