Shanghai Kaichuang Marine International Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 15 fen per share, compared with a loss of 7 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 31.8 million yuan, compared with a loss of 14.1 million yuan in the year-earlier period.
The normalized profit margin declined to negative 56.5% from negative 10.7% in the year-earlier period.
Total revenue decreased 47.0% on an annual basis to 69.7 million yuan from 131.6 million yuan, and total operating expenses declined 33.2% on an annual basis to 130.0 million yuan from 194.6 million yuan.
Reported net income came to a loss of 53.5 million yuan, or a loss of 26 fen per share, compared to a loss of 25.9 million yuan, or a loss of 13 fen per share, in the prior-year period.
As of April 29, US$1 was equivalent to 6.20 yuan.
