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Xiake Color Spinning Q1 loss narrows YOY

Jiangsu Xiake Environment-Friendly Dyed-Spun Stock Co. Ltd. said its first-quarter normalized net income was a loss of 2 fen per share, compared with a loss of 12 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 9.1 million yuan, compared with a loss of 46.9 million yuan in the prior-year period.

The normalized profit margin declined to negative 17.6% from negative 10.6% in the year-earlier period.

Total revenue fell 88.3% year over year to 51.7 million yuan from 441.0 million yuan, and total operating expenses declined 87.5% on an annual basis to 64.9 million yuan from 521.2 million yuan.

Reported net income totaled a loss of 14.8 million yuan, or a loss of 4 fen per share, compared to a loss of 84.0 million yuan, or a loss of 21 fen per share, in the year-earlier period.

As of April 29, US$1 was equivalent to 6.20 yuan.