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Liaoning SG Automotive swings to profit in Q1

Liaoning SG Automotive Group Co. Ltd. said its normalized net income for the first quarter amounted to 12.4 million yuan, compared with a loss of 12.8 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 climbed to 1.5% from negative 1.3% in the year-earlier period.

Total revenue fell 20.4% year over year to 803.3 million yuan from 1.01 billion yuan, and total operating expenses decreased 20.9% from the prior-year period to 801.4 million yuan from 1.01 billion yuan.

Reported net income totaled 1.1 million yuan, compared with a loss of 27.1 million yuan, or a loss of 5 fen per share, in the prior-year period.

As of April 27, US$1 was equivalent to 6.22 yuan.