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UniTTEC swings to loss in Q1

UniTTEC Co.Ltd. said its normalized net income for the first quarter amounted to a loss of 5.7 million yuan, compared with income of 1.7 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 3.3% from 0.6% in the year-earlier period.

Total revenue decreased 42.1% on an annual basis to 170.2 million yuan from 293.8 million yuan, and total operating expenses decreased 40.7% from the prior-year period to 162.9 million yuan from 274.8 million yuan.

Reported net income came to a loss of 19.6 million yuan, or a loss of 6 fen per share, compared to income of 1.0 million yuan, or 0 fen per share, in the prior-year period.

As of April 22, US$1 was equivalent to 6.50 yuan.