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Nanjing Huadong Electronics Q1 loss widens YOY

Nanjing Huadong Electronics Information & Technology Co. Ltd. said its first-quarter normalized net income amounted to a loss of 30.0 million yuan, compared with a loss of 5.4 million 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 12.4% from negative 3.0% in the year-earlier period.

Total revenue grew 18.3% on an annual basis to 209.2 million yuan from 176.9 million yuan, and total operating expenses grew 36.0% on an annual basis to 291.0 million yuan from 214.0 million yuan.

Reported net income came to a loss of 22.8 million yuan, or a loss of 1 fen per share, compared to a loss of 7.6 million yuan, or a loss of 0 fen per share, in the year-earlier period.

As of April 28, US$1 was equivalent to 6.48 yuan.