XD Electric Swings Into Q3 Loss

Date:2011-10-24houhaizhen  Text Size:

October 24 -- China XD Electric (601179.SH), a major maker of power transmission and distribution equipment, swung into a loss of 115 million yuan in the third quarter despite revenue rising from 2.36 billion yuan in the third quarter of 2010, to 2.74 billion yuan, reports yicai.com, citing a company filing.

The company had posted a net profit of 98.72 million yuan in the third quarter of last year.

Operating cost rose 25.99 percent year-on-year in the third quarter to 2.86 billion yuan, exceeding the total revenue.

During the first three quarters, revenue decreased 13.3 percent year-on-year to 7.82 billion yuan, while losses totaled 79.01 million yuan.

The company had reported net profit of 643 million yuan in the first three quarters of last year.

The loss from fair value changes totaled 7.35 million yuan in the first three quarters due to a subsidiary's losses from financial assets held for trading.

Investment returns fell 32.8 percent year-on-year to 23.4 million yuan during the same period due to the losses of its joint ventures and affiliates.

XD Electric forecasts a loss for full year 2011 due to continued fierce competition in the market.

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