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China National Software Q1 loss narrows YOY

China National Software & Service Company Ltd. said its first-quarter normalized net income was a loss of 2 fen per share, compared with a loss of 3 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 10.7 million yuan, compared with a loss of 17.0 million yuan in the prior-year period.

The normalized profit margin climbed to negative 1.5% from negative 3.6% in the year-earlier period.

Total revenue rose 50.0% year over year to 716.9 million yuan from 477.9 million yuan, and total operating expenses increased 40.8% on an annual basis to 836.3 million yuan from 593.9 million yuan.

Reported net income totaled a loss of 43.9 million yuan, or a loss of 9 fen per share, compared to a loss of 53.9 million yuan, or a loss of 11 fen per share, in the year-earlier period.

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