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Blackcow Food swings to loss in Q1

Blackcow Food Co. Ltd. said its first-quarter normalized net income came to a loss of 3 fen per share, compared with 1 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 14.0 million yuan, compared with income of 5.8 million yuan in the prior-year period.

The normalized profit margin declined to negative 8.4% from 3.6% in the year-earlier period.

Total revenue increased 5.0% year over year to 167.7 million yuan from 159.7 million yuan, and total operating expenses increased 24.4% year over year to 183.3 million yuan from 147.4 million yuan.

Reported net income totaled a loss of 18.5 million yuan, or a loss of 4 fen per share, compared to income of 6.5 million yuan, or 1 fen per share, in the prior-year period.

As of April 24, US$1 was equivalent to 6.19 yuan.