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Sunshine Agri-Tech Q1 loss widens 40.4% YOY

Sunshine Agri-Tech Inc. said its normalized net income for the first quarter amounted to a loss of C$187,690, compared with a loss of C$133,710 in the year-earlier period.

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

The normalized profit margin fell to negative 16.1% from negative 10.0% in the year-earlier period.

Total revenue decreased 13.3% on an annual basis to C$1.2 million from C$1.3 million, and total operating expenses decreased 8.7% year over year to C$1.5 million from C$1.6 million.

Reported net income came to a loss of C$319,730, or a loss of 0 cents per share, compared to a loss of C$202,470, or a loss of 0 cents per share, in the prior-year period.