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Suzhou New Sea Union Telecom swings to loss in Q1

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Suzhou New Sea Union Telecom swings to loss in Q1

New Sea Union Technology Group Co.Ltd. said its normalized net income for the first quarter was a loss of 6.7 million yuan, compared with income of 31.5 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 fell to negative 1.8% from 13.1% in the year-earlier period.

Total revenue climbed 43.9% year over year to 347.1 million yuan from 241.2 million yuan, and total operating expenses grew 47.4% from the prior-year period to 333.8 million yuan from 226.5 million yuan.

Reported net income totaled a loss of 11.3 million yuan, or a loss of 1 fen per share, compared to income of 41.7 million yuan, or 3 fen per share, in the year-earlier period.

As of April 28, US$1 was equivalent to 6.48 yuan.