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Xiamen Comfort swings to loss in Q1

Xiamen Comfort Science & Technology Group Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 1 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 7.5 million yuan, compared with income of 16.4 million yuan in the prior-year period.

The normalized profit margin declined to negative 0.9% from 3.0% in the year-earlier period.

Total revenue increased on an annual basis to 563.0 million yuan from 540.6 million yuan, and total operating expenses grew 8.4% from the prior-year period to 577.2 million yuan from 532.6 million yuan.

Reported net income totaled 1.6 million yuan, or 0 fen per share, compared to a loss of 8.3 million yuan, or a loss of 2 fen per share, in the year-earlier period.

As of April 24, US$1 was equivalent to 6.19 yuan.