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Shandong Oriental Ocean Sci-Tech swings to loss in Q1

Shandong Oriental Ocean Sci-Tech Co. Ltd. said its first-quarter normalized net income amounted to a loss of 594,180 yuan, compared with income of 1.1 million 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 dropped to 0.4% from 1.0% in the year-earlier period.

Total revenue came to 113.8 million yuan, compared with 114.8 million yuan in the prior-year period, and total operating expenses fell 6.4% from the prior-year period to 97.8 million yuan from 104.5 million yuan.

Reported net income increased 24.8% year over year to 1.6 million yuan, or 0 fen per share, from 1.3 million yuan, or 0 fen per share.

As of April 24, US$1 was equivalent to 6.19 yuan.