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Luzhou Bio-chem Technology swings to profit in Q1

Luzhou Bio-chem Technology Ltd said its first-quarter normalized net income amounted to 2 fen per share, compared with a loss of 7 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 6.6 million yuan, compared with a loss of 26.5 million yuan in the year-earlier period.

The normalized profit margin climbed to 1.2% from negative 4.4% in the year-earlier period.

Total revenue fell 5.7% on an annual basis to 570.6 million yuan from 605.1 million yuan, and total operating expenses fell 13.9% on an annual basis to 545.3 million yuan from 633.5 million yuan.

Reported net income came to 8.9 million yuan, or 2 fen per share, compared to a loss of 42.8 million yuan, or a loss of 11 fen per share, in the prior-year period.

As of May 14, US$1 was equivalent to 6.20 yuan.