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Irico Display Devices Q1 loss narrows YOY

Caihong Display Devices Co.Ltd. said its normalized net income for the first quarter amounted to a loss of 4 fen per share, compared with a loss of 6 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 29.4 million yuan, compared with a loss of 42.5 million yuan in the year-earlier period.

The normalized profit margin rose to negative 39.3% from negative 103.6% in the year-earlier period.

Total revenue rose 68.3% on an annual basis to 69.0 million yuan from 41.0 million yuan, and total operating expenses increased 26.0% from the prior-year period to 106.4 million yuan from 84.5 million yuan.

Reported net income came to a loss of 47.7 million yuan, or a loss of 7 fen per share, compared to a loss of 73.0 million yuan, or a loss of 10 fen per share, in the year-earlier period.

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