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Liuzhou Liangmianzhen Q1 loss widens 39.9% YOY

Liuzhou Liangmianzhen Co. Ltd. said its normalized net income for the first quarter came to a loss of 6 fen per share, compared with a loss of 5 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 31.9 million yuan, compared with a loss of 22.8 million yuan in the year-earlier period.

The normalized profit margin declined to negative 10.7% from negative 8.6% in the year-earlier period.

Total revenue increased 9.7% on an annual basis to 292.4 million yuan from 266.4 million yuan, and total operating expenses rose 14.1% year over year to 354.7 million yuan from 310.8 million yuan.

Reported net income totaled a loss of 58.2 million yuan, or a loss of 11 fen per share, compared to a loss of 41.7 million yuan, or a loss of 9 fen per share, in the year-earlier period.

As of April 27, US$1 was equivalent to 6.22 yuan.