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Zhejiang Yonglong Enterprises Q2 loss narrows YOY

Zhejiang Yongan Rongtong Holdings Co. Ltd. said its second-quarter normalized net income amounted to a loss of 163,750 yuan, compared with a loss of 167,500 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 fell to negative 0.4% from negative 0.3% in the year-earlier period.

Total revenue fell 25.6% year over year to 43.8 million yuan from 58.8 million yuan, and total operating expenses decreased 27.0% year over year to 38.8 million yuan from 53.2 million yuan.

Reported net income came to a loss of 262,000 yuan, or a loss of 0 fen per share, compared to a loss of 268,000 yuan, or a loss of 0 fen per share, in the year-earlier period.

As of Aug. 10, US$1 was equivalent to 6.21 yuan.