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Shenzhen Quanxinhao swings to loss in Q1

Shenzhen Quanxinhao Co. Ltd. said its first-quarter normalized net income was a loss of 1.7 million yuan, compared with income of 911,210 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 fell to negative 6.8% from 3.1% in the year-earlier period.

Total revenue declined on an annual basis to 27.8 million yuan from 29.0 million yuan, and total operating expenses increased year over year to 31.1 million yuan from 30.6 million yuan.

Reported net income totaled a loss of 4.9 million yuan, or a loss of 1 fen per share, compared to a loss of 4.8 million yuan, or a loss of 1 fen per share, in the prior-year period.

As of April 29, US$1 was equivalent to 6.20 yuan.