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Shanghai Phoenix Enterprise swings to profit in Q1

Shanghai Phoenix Enterprise (Group) Co. Ltd. said its normalized net income for the first quarter was 2.7 million yuan, compared with a loss of 1.0 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 rose to 2.6% from negative 1.5% in the year-earlier period.

Total revenue grew 40.3% year over year to 100.9 million yuan from 71.9 million yuan, and total operating expenses grew 13.9% year over year to 98.1 million yuan from 86.1 million yuan.

Reported net income came to 5.7 million yuan, or 1 fen per share, compared to a loss of 789,340 yuan, or a loss of 0 fen per share, in the year-earlier period.

As of April 28, US$1 was equivalent to 6.48 yuan.