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Zhongxin Information Development Q1 loss widens YOY

Zhongxin Information Development Inc. Ltd. Shanghai said its first-quarter normalized net income came to a loss of 23 fen per share, compared with a loss of 29 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 15.0 million yuan, compared with a loss of 14.6 million yuan in the prior-year period.

The normalized profit margin rose to negative 37.5% from negative 60.6% in the year-earlier period.

Total revenue increased 65.0% year over year to 39.8 million yuan from 24.1 million yuan, and total operating expenses climbed 33.8% from the prior-year period to 63.9 million yuan from 47.7 million yuan.

Reported net income came to a loss of 21.0 million yuan, or a loss of 33 fen per share, compared to a loss of 20.3 million yuan, or a loss of 41 fen per share, in the year-earlier period.

As of April 21, US$1 was equivalent to 6.48 yuan.