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Digital China Group swings to loss in Q1

Digital China Group Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 3.3 million yuan, compared with income of 17.5 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 3.6% from 17.9% in the year-earlier period.

Total revenue decreased 7.2% year over year to 90.4 million yuan from 97.4 million yuan, and total operating expenses declined 8.4% from the prior-year period to 93.7 million yuan from 102.4 million yuan.

Reported net income came to a loss of 5.9 million yuan, or a loss of 1 fen per share, compared to income of 23.0 million yuan, or 6 fen per share, in the prior-year period.

As of April 28, US$1 was equivalent to 6.48 yuan.