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Founder Technology swings to loss in Q1

Founder Technology Group Corp. said its first-quarter normalized net income came to a loss of 38.4 million yuan, compared with income of 18.8 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 fell to negative 3.0% from 1.3% in the year-earlier period.

Total revenue decreased 14.9% on an annual basis to 1.20 billion yuan from 1.40 billion yuan, and total operating expenses declined 9.1% from the prior-year period to 1.23 billion yuan from 1.35 billion yuan.

Reported net income came to a loss of 55.1 million yuan, or a loss of 3 fen per share, compared to income of 26.5 million yuan, or 1 fen per share, in the year-earlier period.

As of April 25, US$1 was equivalent to 6.49 yuan.