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Focus Technology swings to loss in Q1

Focus Technology Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 3 fen per share, compared with 8 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 6.6 million yuan, compared with income of 18.4 million yuan in the prior-year period.

The normalized profit margin fell to negative 4.5% from 17.1% in the year-earlier period.

Total revenue increased 24.1% on an annual basis to 133.7 million yuan from 107.8 million yuan, and total operating expenses increased 36.8% year over year to 158.5 million yuan from 115.9 million yuan.

Reported net income totaled a loss of 12.1 million yuan, or a loss of 5 fen per share, compared to income of 23.3 million yuan, or 10 fen per share, in the prior-year period.

As of April 19, US$1 was equivalent to 6.46 yuan.