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Beijing BDStar Navigation Q1 loss narrows YOY

Beijing BDStar Navigation Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 1.9 million yuan, compared with a loss of 4.3 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 negative 0.7% from negative 2.9% in the year-earlier period.

Total revenue climbed 91.9% on an annual basis to 286.5 million yuan from 149.3 million yuan, and total operating expenses rose 78.8% on an annual basis to 292.9 million yuan from 163.8 million yuan.

Reported net income totaled a loss of 11.3 million yuan, or a loss of 3 fen per share, compared to a loss of 11.7 million yuan, or a loss of 3 fen per share, in the year-earlier period.

As of April 26, US$1 was equivalent to 6.50 yuan.