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Cloud Live Technology swings to loss in Q1

Cloud Live Technology Group Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 4 fen per share, compared with 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 31.9 million yuan, compared with income of 11.9 million yuan in the prior-year period.

The normalized profit margin fell to negative 30.1% from 4.5% in the year-earlier period.

Total revenue declined 60.3% year over year to 105.9 million yuan from 266.6 million yuan, and total operating expenses declined 79.1% on an annual basis to 149.5 million yuan from 716.7 million yuan.

Reported net income totaled a loss of 52.4 million yuan, or a loss of 7 fen per share, compared to income of 19.5 million yuan, or 3 fen per share, in the year-earlier period.

As of April 28, US$1 was equivalent to 6.20 yuan.