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Hainan Dadonghai Tourism Centre swings to profit in Q1

Hainan Dadonghai Tourism Centre (Holdings) Co. Ltd. said its normalized net income for the first quarter amounted to 1.2 million yuan, compared with a loss of 70,580 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 rose to 14.2% from negative 1.1% in the year-earlier period.

Total revenue rose 36.2% on an annual basis to 8.5 million yuan from 6.3 million yuan, and total operating expenses declined 13.3% on an annual basis to 6.6 million yuan from 7.6 million yuan.

Reported net income totaled 1.4 million yuan, or 0 fen per share, compared to a loss of 112,930 yuan, or a loss of 0 fen per share, in the prior-year period.

As of April 22, US$1 was equivalent to 6.50 yuan.