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Shanghai Challenge Textile swings to loss in Q1

Shanghai Challenge Textile Co. Ltd. said its first-quarter normalized net income amounted to a loss of 2 fen per share, compared with 1 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 a loss of 13.4 million yuan, compared with income of 8.6 million yuan in the prior-year period.

The normalized profit margin dropped to negative 5.9% from 3.7% in the year-earlier period.

Total revenue decreased 17.9% year over year to 188.0 million yuan from 228.9 million yuan, and total operating expenses fell from the prior-year period to 207.8 million yuan from 216.7 million yuan.

Reported net income came to a loss of 18.7 million yuan, or a loss of 2 fen per share, compared to income of 13.0 million yuan, or 2 fen per share, in the year-earlier period.

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