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Hengli Industrial Development Q1 loss widens 64.9% YOY

Hengli Industrial Development Group Co. Ltd. said its first-quarter normalized net income amounted to a loss of 4.5 million yuan, compared with a loss of 2.7 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 29.4% from negative 18.3% in the year-earlier period.

Total revenue declined year over year to 14.1 million yuan from 14.8 million yuan, and total operating expenses rose 12.2% from the prior-year period to 23.0 million yuan from 20.5 million yuan.

Reported net income came to a loss of 6.4 million yuan, or a loss of 2 fen per share, compared to a loss of 4.4 million yuan, or a loss of 1 fen per share, in the prior-year period.

As of April 29, US$1 was equivalent to 6.20 yuan.