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Shanghai DZH swings to loss in Q1

Shanghai DZH Ltd. said its normalized net income for the first quarter was a loss of 5 fen per share, compared with 1 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 105.1 million yuan, compared with income of 24.7 million yuan in the prior-year period.

The normalized profit margin declined to negative 87.4% from 24.9% in the year-earlier period.

Total revenue climbed 18.7% on an annual basis to 118.1 million yuan from 99.5 million yuan, and total operating expenses grew 5.8% year over year to 291.1 million yuan from 275.0 million yuan.

Reported net income totaled a loss of 168.0 million yuan, or a loss of 9 fen per share, compared to income of 34.2 million yuan, or 2 fen per share, in the year-earlier period.

As of April 29, US$1 was equivalent to 6.48 yuan.