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China Jialing Industrial swings to loss in Q1

China Jialing Industrial Co. Ltd. (Group) said its first-quarter normalized net income amounted to a loss of 21.1 million yuan, compared with income of 820,760 yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 6.2% from 0.2% in the year-earlier period.

Total revenue declined 11.6% year over year to 336.3 million yuan from 380.5 million yuan, and total operating expenses declined 12.5% year over year to 356.3 million yuan from 407.4 million yuan.

Reported net income came to a loss of 33.8 million yuan, or a loss of 5 fen per share, compared to income of 1.2 million yuan, or 0 fen per share, in the prior-year period.

As of April 28, US$1 was equivalent to 6.20 yuan.