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China Gaoxian Fibre Fabric Q1 loss widens 6.8% YOY

China Gaoxian Fibre Fabric Holdings Ltd. said its first-quarter normalized net income amounted to a loss of 39 fen per share, compared with a loss of 36 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 43.9 million yuan, compared with a loss of 41.1 million yuan in the prior-year period.

The normalized profit margin declined to negative 259.7% from negative 202.7% in the year-earlier period.

Total revenue decreased 16.6% year over year to 16.9 million yuan from 20.3 million yuan, and total operating expenses declined 13.9% year over year to 43.3 million yuan from 50.3 million yuan.

Reported net income came to a loss of 70.3 million yuan, or a loss of 62 fen per share, compared to a loss of 65.9 million yuan, or a loss of 58 fen per share, in the prior-year period.

As of May 14, US$1 was equivalent to 6.20 yuan.