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Allwin Telecommunication Q1 loss narrows YOY

Allwin Telecommunication Co. Ltd. said its normalized net income for the first quarter was a loss of 2 fen per share, compared with a loss of 2 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 5.7 million yuan, compared with a loss of 6.0 million yuan in the prior-year period.

The normalized profit margin climbed to negative 8.3% from negative 17.4% in the year-earlier period.

Total revenue grew 62.3% on an annual basis to 55.6 million yuan from 34.3 million yuan, and total operating expenses increased 40.0% from the prior-year period to 65.9 million yuan from 47.1 million yuan.

Reported net income totaled a loss of 6.2 million yuan, or a loss of 2 fen per share, compared to a loss of 5.1 million yuan, or a loss of 1 fen per share, in the prior-year period.

As of April 28, US$1 was equivalent to 6.48 yuan.