Xinhaiyi achieved a net profit of 8.54 million in the third quarter, down 65% year-on-year.
On the evening of October 25, Suzhou Xinhaiyi released the third quarter report. During the reporting period, Xinhaiyi achieved operating income of 193 million, a slight increase of 1.27% over the previous year; net profit attributable to shareholders of listed companies was 8.54 million yuan, a decrease of 65.39% from the previous year.
Xinhaiyi said that the operating profit, total profit and net profit of the current period decreased respectively compared with the same period of last year, mainly because the gross profit margin decreased during the period, and the administrative expenses and financial expenses increased compared with the same period of the previous year.
Xinhaiyi expects that the net profit attributable to shareholders of listed companies in 2013 will be positive and not a turnaround. The net profit ranged from -50% to 0%, with a range of $50.9 million to $110 million.
Regarding the reasons for the change in performance, Xinhaiyi stated that there are several reasons. First, because the macroeconomic situation is still unclear, the operator's investment is not up to expectations, and the competition is intensifying and the market competition environment is more complicated. The second is because the company's LED industry is still in the initial stage of investment, the production scale will continue to expand, so the various costs are large, while the production capacity release and market sales are still in the climbing stage; third, the overall situation, the company has formed Clearly transforming the direction and building a clear structure, but the scale effect and the release of the transformation results will take time.
Xinhaiyi said that the operating profit, total profit and net profit of the current period decreased respectively compared with the same period of last year, mainly because the gross profit margin decreased during the period, and the administrative expenses and financial expenses increased compared with the same period of the previous year.
Xinhaiyi expects that the net profit attributable to shareholders of listed companies in 2013 will be positive and not a turnaround. The net profit ranged from -50% to 0%, with a range of $50.9 million to $110 million.
Regarding the reasons for the change in performance, Xinhaiyi stated that there are several reasons. First, because the macroeconomic situation is still unclear, the operator's investment is not up to expectations, and the competition is intensifying and the market competition environment is more complicated. The second is because the company's LED industry is still in the initial stage of investment, the production scale will continue to expand, so the various costs are large, while the production capacity release and market sales are still in the climbing stage; third, the overall situation, the company has formed Clearly transforming the direction and building a clear structure, but the scale effect and the release of the transformation results will take time.
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