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Hunan Huasheng Q1 loss widens 17.6% YOY

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Hunan Huasheng Q1 loss widens 17.6% YOY

Hunan Huasheng Co. Ltd. said its first-quarter normalized net income came to a loss of 1 fen per share, compared with a loss of 1 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 5.7 million yuan, compared with a loss of 4.9 million yuan in the prior-year period.

The normalized profit margin dropped to negative 3.3% from negative 2.3% in the year-earlier period.

Total revenue decreased 35.9% year over year to 136.8 million yuan from 213.5 million yuan, and total operating expenses fell 35.7% year over year to 146.9 million yuan from 228.3 million yuan.

Reported net income totaled a loss of 8.2 million yuan, or a loss of 2 fen per share, compared to a loss of 10.1 million yuan, or a loss of 3 fen per share, in the year-earlier period.

As of April 24, US$1 was equivalent to 6.19 yuan.