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Shanxi Changcheng Q1 loss narrows YOY

Shanxi Changcheng Microlight Equipment Co. Ltd. said its first-quarter normalized net income came to a loss of 782,130 yuan, compared with a loss of 1.1 million yuan in the year-earlier period.

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

The normalized profit margin declined to negative 17.8% from negative 9.9% in the year-earlier period.

Total revenue decreased 61.7% on an annual basis to 4.4 million yuan from 11.5 million yuan, and total operating expenses decreased 56.5% from the prior-year period to 5.8 million yuan from 13.3 million yuan.

Reported net income came to a loss of 1.3 million yuan, or a loss of 0 fen per share, compared to a loss of 1.8 million yuan, or a loss of 1 fen per share, in the prior-year period.

As of June 30, US$1 was equivalent to 6.65 yuan.