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Teamax Smart City Technology Q1 loss widens 98.7% YOY

Teamax Smart City Technology Corporation Ltd. said its first-quarter normalized net income amounted to a loss of 404,030 yuan, compared with a loss of 203,350 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 fell to negative 0.4% from negative 0.2% in the year-earlier period.

Total revenue decreased 20.4% year over year to 82.6 million yuan from 103.8 million yuan, and total operating expenses fell 20.4% from the prior-year period to 82.5 million yuan from 103.6 million yuan.

Reported net income totaled a loss of 628,850 yuan, or a loss of 0 fen per share, compared to a loss of 314,250 yuan, or a loss of 0 fen per share, in the prior-year period.

As of April 28, US$1 was equivalent to 6.48 yuan.