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AVIT Q1 loss widens 35.1% YOY

AVIT Ltd. said its first-quarter normalized net income was a loss of 4.3 million yuan, compared with a loss of 3.2 million yuan in the year-earlier period.

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

The normalized profit margin climbed to negative 17.3% from negative 19.4% in the year-earlier period.

Total revenue increased 51.3% on an annual basis to 24.9 million yuan from 16.4 million yuan, and total operating expenses rose 39.0% on an annual basis to 40.8 million yuan from 29.3 million yuan.

Reported net income totaled a loss of 6.2 million yuan, or a loss of 2 fen per share, compared to a loss of 4.3 million yuan, or a loss of 1 fen per share, in the prior-year period.

As of April 25, US$1 was equivalent to 6.49 yuan.