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Xi'an Qujiang Cultural Tourism swings to profit in Q1

Xi'an Qujiang Cultural Tourism Co. Ltd. said its first-quarter normalized net income came to 2 fen per share, compared with a loss of 2 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 3.1 million yuan, compared with a loss of 3.8 million yuan in the year-earlier period.

The normalized profit margin climbed to 1.4% from negative 1.6% in the year-earlier period.

Total revenue fell year over year to 228.2 million yuan from 239.9 million yuan, and total operating expenses decreased 9.9% year over year to 214.7 million yuan from 238.4 million yuan.

Reported net income came to 5.3 million yuan, or 3 fen per share, compared to a loss of 3.3 million yuan, or a loss of 2 fen per share, in the prior-year period.

As of April 28, US$1 was equivalent to 6.20 yuan.