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Zhejiang East Crystal Electronic Q1 loss widens 6.9% YOY

Zhejiang East Crystal Electronic Co.Ltd. said its first-quarter normalized net income was a loss of 5 fen per share, compared with a loss of 5 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 11.7 million yuan, compared with a loss of 11.0 million yuan in the year-earlier period.

The normalized profit margin fell to negative 23.2% from negative 13.2% in the year-earlier period.

Total revenue declined 39.0% year over year to 50.5 million yuan from 82.9 million yuan, and total operating expenses declined 33.3% year over year to 63.9 million yuan from 95.7 million yuan.

Reported net income came to a loss of 20.7 million yuan, or a loss of 9 fen per share, compared to a loss of 19.1 million yuan, or a loss of 8 fen per share, in the year-earlier period.

As of April 27, US$1 was equivalent to 6.50 yuan.