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Zhonghe swings to loss in Q1

Zhonghe Co. Ltd. said its first-quarter normalized net income was a loss of 2 fen per share, compared with 1 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 14.6 million yuan, compared with income of 8.7 million yuan in the year-earlier period.

The normalized profit margin dropped to negative 7.2% from 2.6% in the year-earlier period.

Total revenue fell 48.1% on an annual basis to 176.2 million yuan from 339.1 million yuan, and total operating expenses decreased 44.8% from the prior-year period to 179.0 million yuan from 324.0 million yuan.

Reported net income came to a loss of 17.5 million yuan, or a loss of 3 fen per share, compared to income of 11.4 million yuan, or 2 fen per share, in the prior-year period.

As of April 29, US$1 was equivalent to 6.20 yuan.