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ZMFY Automobile Glass swings to loss in Q1

ZMFY Automobile Glass Services Ltd said its first-quarter normalized net income amounted to a loss of 4.7 million yuan, compared with income of 797,380 yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 27.6% from 3.2% in the year-earlier period.

Total revenue declined 8.4% year over year to 23.0 million yuan from 25.1 million yuan, and total operating expenses grew 26.9% year over year to 30.5 million yuan from 24.0 million yuan.

Reported net income totaled a loss of 10.0 million yuan, or a loss of 2 fen per share, compared to income of 975,000 yuan, or 0 fen per share, in the prior-year period.

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