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Xiamen Changelight swings to loss in Q1

Xiamen Changelight Co. Ltd. said its normalized net income for the first quarter came to a loss of 6.9 million yuan, compared with income of 4.3 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 declined to negative 0.9% from 4.8% in the year-earlier period.

Total revenue climbed on an annual basis to 196.6 million yuan from 88.0 million yuan, and total operating expenses grew on an annual basis to 206.4 million yuan from 85.0 million yuan.

Reported net income declined 88.3% year over year to 539,990 yuan, or 0 fen per share, from 4.6 million yuan, or 1 fen per share.

As of April 25, US$1 was equivalent to 6.49 yuan.