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Shenzhen Infinova Q1 loss widens YOY

Shenzhen Infinova Ltd. said its normalized net income for the first quarter amounted to a loss of 23.2 million yuan, compared with a loss of 9.0 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 declined to negative 6.7% from negative 2.8% in the year-earlier period.

Total revenue rose 6.7% on an annual basis to 345.0 million yuan from 323.2 million yuan, and total operating expenses rose 12.8% from the prior-year period to 382.8 million yuan from 339.4 million yuan.

Reported net income totaled a loss of 38.9 million yuan, or a loss of 4 fen per share, compared to a loss of 14.6 million yuan, or a loss of 2 fen per share, in the prior-year period.

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