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Tsann Kuen (China) Enterprise swings to loss in Q1

Tsann Kuen (China) Enterprise Co. Ltd. said its first-quarter normalized net income amounted to a loss of 568,970 yuan, compared with income of 13.7 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 0.1% from 3.2% in the year-earlier period.

Total revenue rose 6.9% on an annual basis to 453.5 million yuan from 424.3 million yuan, and total operating expenses rose 8.8% from the prior-year period to 459.2 million yuan from 421.9 million yuan.

Reported net income increased 46.8% year over year to 8.0 million yuan, or 4 fen per share, from 5.4 million yuan, or 3 fen per share.

As of April 24, US$1 was equivalent to 6.19 yuan.