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Xi'an Catering swings to loss in Q1

Xi'an Catering Co. Ltd. said its normalized net income for the first quarter was a loss of 1 fen per share, compared with 1 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 5.8 million yuan, compared with income of 7.4 million yuan in the prior-year period.

The normalized profit margin declined to negative 0.9% from 5.8% in the year-earlier period.

Total revenue decreased 7.1% on an annual basis to 118.9 million yuan from 127.9 million yuan, and total operating expenses decreased 12.8% year over year to 127.5 million yuan from 146.2 million yuan.

Reported net income came to a loss of 3.0 million yuan, or a loss of 1 fen per share, compared to income of 5.5 million yuan, or 1 fen per share, in the year-earlier period.

As of April 27, US$1 was equivalent to 6.22 yuan.