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Shenzhen Shenbao Industrial Q1 loss widens YOY

Shenzhen Shenbao Industrial Co. Ltd. said its normalized net income for the first quarter came to a loss of 7.3 million yuan, compared with a loss of 3.5 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 10.4% from negative 5.6% in the year-earlier period.

Total revenue decreased on an annual basis to 59.6 million yuan from 62.3 million yuan, and total operating expenses totaled 73.3 million yuan, compared with 73.2 million yuan in the prior-year period.

Reported net income totaled a loss of 9.5 million yuan, or a loss of 2 fen per share, compared to a loss of 6.1 million yuan, or a loss of 1 fen per share, in the year-earlier period.

As of April 20, US$1 was equivalent to 6.20 yuan.