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Phenix Optical Q1 loss widens YOY

Phenix Optical Company Ltd. said its first-quarter normalized net income amounted to a loss of 9.2 million yuan, compared with a loss of 2.2 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 6.0% from negative 1.3% in the year-earlier period.

Total revenue declined 9.1% on an annual basis to 152.9 million yuan from 168.2 million yuan, and total operating expenses fell year over year to 168.1 million yuan from 173.0 million yuan.

Reported net income totaled a loss of 13.0 million yuan, or a loss of 5 fen per share, compared to a loss of 3.1 million yuan, or a loss of 1 fen per share, in the year-earlier period.

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