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Lajin Entertainment Network Q1 loss widens YOY

Lajin Entertainment Network Group Ltd. said its normalized net income for the first quarter came to a loss of HK$14.5 million, compared with a loss of HK$872,500 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue fell 55.5% on an annual basis to HK$445,000 from HK$1.0 million, and total operating expenses rose from the prior-year period to HK$24.0 million from HK$2.4 million.

Reported net income totaled a loss of HK$23.1 million, or a loss of 1 cents per share, compared to a loss of HK$1.4 million, or a loss of 0 cents per share, in the prior-year period.