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Red Phase Inc. Q1 loss widens YOY

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Red Phase Inc. Q1 loss widens YOY

Red phase INC. said its normalized net income for the first quarter was a loss of 2 fen per share, compared with a loss of 2 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 5.4 million yuan, compared with a loss of 5.2 million yuan in the prior-year period.

The normalized profit margin climbed to negative 19.1% from negative 34.5% in the year-earlier period.

Total revenue increased 87.8% on an annual basis to 28.5 million yuan from 15.2 million yuan, and total operating expenses climbed 59.2% on an annual basis to 37.8 million yuan from 23.8 million yuan.

Reported net income totaled a loss of 5.8 million yuan, or a loss of 2 fen per share, compared to a loss of 5.9 million yuan, or a loss of 3 fen per share, in the year-earlier period.

As of April 26, US$1 was equivalent to 6.50 yuan.