Shenzhen Coship Electronics Co. Ltd. said its normalized net income for the first quarter was a loss of 20.0 million yuan, compared with a loss of 3.3 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 negative 4.4% from negative 1.7% in the year-earlier period.
Total revenue decreased 32.7% on an annual basis to 131.9 million yuan from 196.0 million yuan, and total operating expenses declined 26.9% year over year to 148.3 million yuan from 202.9 million yuan.
Reported net income totaled a loss of 9.1 million yuan, or a loss of 1 fen per share, compared to income of 2.0 million yuan, or 0 fen per share, in the prior-year period.
As of April 28, US$1 was equivalent to 6.48 yuan.