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Daheng New Epoch Technology swings to loss in Q1

Daheng New Epoch Technology Inc. said its first-quarter normalized net income was a loss of 7.5 million yuan, compared with income of 2.8 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 declined to negative 1.5% from 0.6% in the year-earlier period.

Total revenue declined on an annual basis to 487.1 million yuan from 496.2 million yuan, and total operating expenses came to 537.8 million yuan, compared with 542.3 million yuan in the prior-year period.

Reported net income totaled a loss of 20.9 million yuan, or a loss of 5 fen per share, compared to a loss of 4.5 million yuan, or a loss of 1 fen per share, in the prior-year period.

As of April 27, US$1 was equivalent to 6.50 yuan.