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But'one Information swings to loss in Q1

But'one Information Corp. Xi'an said its first-quarter normalized net income came to a loss of 4 fen per share, compared with 1 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 a loss of 2.2 million yuan, compared with income of 897,560 yuan in the year-earlier period.

The normalized profit margin fell to negative 5.7% from 1.9% in the year-earlier period.

Total revenue fell 17.3% on an annual basis to 38.7 million yuan from 46.7 million yuan, and total operating expenses declined from the prior-year period to 39.9 million yuan from 41.7 million yuan.

Reported net income totaled a loss of 3.5 million yuan, or a loss of 6 fen per share, compared to income of 1.8 million yuan, or 3 fen per share, in the prior-year period.

As of April 27, US$1 was equivalent to 6.50 yuan.