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Zhanjiang Guolian Aquatic Products swings to loss in Q1

Zhanjiang Guolian Aquatic Products Co. Ltd. said its normalized net income for the first quarter came to a loss of 6.0 million yuan, compared with income of 31.2 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 1.1% from 6.1% in the year-earlier period.

Total revenue declined 23.7% on an annual basis to 387.0 million yuan from 507.0 million yuan, and total operating expenses fell 14.0% year over year to 391.4 million yuan from 455.0 million yuan.

Reported net income totaled a loss of 22.0 million yuan, or a loss of 3 fen per share, compared to income of 16.1 million yuan, or 2 fen per share, in the prior-year period.

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