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Xingye Leather swings to loss in Q1

Xingye Leather Technology Co. Ltd. said its first-quarter normalized net income came to a loss of 311,210 yuan, compared with income of 20.3 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 declined to 0.1% from 6.6% in the year-earlier period.

Total revenue increased 7.2% on an annual basis to 330.7 million yuan from 308.5 million yuan, and total operating expenses grew 15.5% year over year to 324.2 million yuan from 280.8 million yuan.

Reported net income declined 88.7% year over year to 3.2 million yuan, or 1 fen per share, from 28.1 million yuan, or 12 fen per share.

As of April 17, US$1 was equivalent to 6.20 yuan.