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China Taisan Technology swings to loss in Q1

China Taisan Technology Group Holdings Ltd said its first-quarter normalized net income was a loss of 13 fen per share, compared with 8 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 7.1 million yuan, compared with income of 4.5 million yuan in the prior-year period.

The normalized profit margin dropped to negative 12.0% from 4.0% in the year-earlier period.

Total revenue declined 46.6% on an annual basis to 59.4 million yuan from 111.2 million yuan, and total operating expenses fell 32.9% on an annual basis to 70.3 million yuan from 104.9 million yuan.

Reported net income came to a loss of 11.4 million yuan, or a loss of 20 fen per share, compared to income of 4.7 million yuan, or 8 fen per share, in the year-earlier period.

As of May 15, US$1 was equivalent to 6.21 yuan.