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ZMFY Automobile Glass Q1 loss widens 22.8% YOY

ZMFY Automobile Glass Services Ltd said its first-quarter normalized net income came to a loss of 1 fen per share, compared with a loss of 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 7.8 million yuan, compared with a loss of 6.3 million yuan in the year-earlier period.

The normalized profit margin increased to negative 20.9% from negative 27.6% in the year-earlier period.

Total revenue rose 62.2% year over year to 37.2 million yuan from 23.0 million yuan, and total operating expenses climbed 49.2% from the prior-year period to 49.5 million yuan from 33.2 million yuan.

Reported net income totaled a loss of 12.5 million yuan, or a loss of 2 fen per share, compared to a loss of 10.0 million yuan, or a loss of 2 fen per share, in the year-earlier period.

As of May 12, US$1 was equivalent to 6.51 yuan.