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Zoneco Group swings to loss in Q1

Zoneco Group Co. Ltd. said its first-quarter normalized net income was a loss of 4 fen per share, compared with 3 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 36.1 million yuan, compared with income of 21.1 million yuan in the prior-year period.

The normalized profit margin dropped to negative 1.1% from 3.5% in the year-earlier period.

Total revenue climbed year over year to 626.9 million yuan from 598.0 million yuan, and total operating expenses rose 16.3% on an annual basis to 640.5 million yuan from 550.5 million yuan.

Reported net income came to a loss of 9.4 million yuan, or a loss of 1 fen per share, compared to income of 28.0 million yuan, or 4 fen per share, in the prior-year period.

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