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Dachan Food Q1 loss widens YOY

DaChan Food (Asia) Ltd said its normalized net income for the first quarter was a loss of 22.2 million yuan, compared with a loss of 3.6 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 fell to negative 1.0% from negative 0.1% in the year-earlier period.

Total revenue decreased 13.5% on an annual basis to 2.31 billion yuan from 2.68 billion yuan, and total operating expenses decreased 12.3% from the prior-year period to 2.34 billion yuan from 2.66 billion yuan.

Reported net income totaled a loss of 39.4 million yuan, or a loss of 4 fen per share, compared to a loss of 7.2 million yuan, or a loss of 1 fen per share, in the prior-year period.

As of April 23, US$1 was equivalent to 6.20 yuan.