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Shanghai LongYun Advertising swings to loss in Q1

Shanghai LongYun Media Group Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 13 fen per share, compared with 6 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 9.0 million yuan, compared with income of 4.1 million yuan in the prior-year period.

The normalized profit margin dropped to negative 3.3% from 1.2% in the year-earlier period.

Total revenue decreased 24.9% on an annual basis to 261.3 million yuan from 347.9 million yuan, and total operating expenses declined 23.1% on an annual basis to 270.3 million yuan from 351.3 million yuan.

Reported net income came to a loss of 4.3 million yuan, or a loss of 6 fen per share, compared to a loss of 3.3 million yuan, or a loss of 5 fen per share, in the year-earlier period.

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