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Mingwah Hi Tech Q1 loss widens YOY

Shenzhen Mingwah Aohan High Technology Corporation Ltd. said its first-quarter normalized net income was a loss of 6.2 million yuan, compared with a loss of 433,130 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 declined to negative 118.6% from negative 11.5% in the year-earlier period.

Total revenue rose 38.8% year over year to 5.2 million yuan from 3.8 million yuan, and total operating expenses rose year over year to 15.2 million yuan from 4.4 million yuan.

Reported net income came to a loss of 9.9 million yuan, or a loss of 1 fen per share, compared to a loss of 717,000 yuan, or a loss of 0 fen per share, in the prior-year period.

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