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Anhui Sun Create Electronics swings to loss in Q1

Anhui Sun Create Electronics Co. Ltd. said its normalized net income for the first quarter was a loss of 4.0 million yuan, compared with income of 878,580 yuan in the year-earlier period.

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

The normalized profit margin dropped to 0.4% from 0.5% in the year-earlier period.

Total revenue grew 23.4% year over year to 235.6 million yuan from 190.9 million yuan, and total operating expenses rose 22.8% from the prior-year period to 235.7 million yuan from 192.0 million yuan.

Reported net income declined 12.4% from the prior-year period to 865,600 yuan, or 1 fen per share, from 988,460 yuan, or 1 fen per share.

As of April 22, US$1 was equivalent to 6.50 yuan.