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Ningbo Veken Elite Q1 loss narrows YOY

Ningbo Veken Elite Group Co. Ltd. said its normalized net income for the first quarter came to a loss of 4 fen per share, compared with a loss of 4 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 11.1 million yuan, compared with a loss of 12.3 million yuan in the prior-year period.

The normalized profit margin dropped to negative 5.9% from negative 3.4% in the year-earlier period.

Total revenue declined 52.0% year over year to 172.3 million yuan from 358.9 million yuan, and total operating expenses declined 49.6% on an annual basis to 193.4 million yuan from 383.7 million yuan.

Reported net income came to a loss of 17.6 million yuan, or a loss of 6 fen per share, compared to a loss of 27.3 million yuan, or a loss of 9 fen per share, in the prior-year period.

As of April 29, US$1 was equivalent to 6.20 yuan.