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Shenzhen Hirisun Technology Q1 loss narrows YOY

Shenzhen Hirisun Technology Inc. said its first-quarter normalized net income amounted to a loss of 2.7 million yuan, compared with a loss of 2.8 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 fell to negative 13.4% from negative 5.1% in the year-earlier period.

Total revenue declined 64.3% year over year to 19.9 million yuan from 55.8 million yuan, and total operating expenses declined 52.0% year over year to 29.2 million yuan from 60.9 million yuan.

Reported net income came to a loss of 3.3 million yuan, or a loss of 1 fen per share, compared to a loss of 2.1 million yuan, or a loss of 1 fen per share, in the prior-year period.

As of April 26, US$1 was equivalent to 6.50 yuan.