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Sunwave Communications Q1 loss widens 11.3% YOY

Sunwave Communications Co.Ltd. said its normalized net income for the first quarter was a loss of 3 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 10.3 million yuan, compared with a loss of 9.2 million yuan in the year-earlier period.

The normalized profit margin increased to negative 4.8% from negative 6.5% in the year-earlier period.

Total revenue increased 24.6% on an annual basis to 177.2 million yuan from 142.2 million yuan, and total operating expenses rose 22.4% year over year to 190.5 million yuan from 155.7 million yuan.

Reported net income totaled a loss of 14.9 million yuan, or a loss of 4 fen per share, compared to a loss of 15.2 million yuan, or a loss of 4 fen per share, in the year-earlier period.

As of April 26, US$1 was equivalent to 6.50 yuan.