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Wuhan DDMC Culture swings to loss in Q1

Wuhan DDMC Culture & Sports Co.Ltd. said its normalized net income for the first quarter amounted to a loss of 595,260 yuan, compared with income of 777,110 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 dropped to negative 1.4% from 1.6% in the year-earlier period.

Total revenue declined 13.9% year over year to 41.7 million yuan from 48.5 million yuan, and total operating expenses declined 11.9% on an annual basis to 39.8 million yuan from 45.2 million yuan.

Reported net income grew on an annual basis to 462,900 yuan, or 0 fen per share, from 154,620 yuan, or 0 fen per share.

As of April 29, US$1 was equivalent to 6.48 yuan.