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Nanjing Putian Telecommunications Q1 loss widens 37.2% YOY

Nanjing Putian Telecommunications Co. Ltd. said its first-quarter normalized net income came to a loss of 4 fen per share, compared with a loss of 3 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 9.6 million yuan, compared with a loss of 7.0 million yuan in the year-earlier period.

The normalized profit margin dropped to negative 2.7% from negative 1.6% in the year-earlier period.

Total revenue fell 19.1% on an annual basis to 348.6 million yuan from 430.8 million yuan, and total operating expenses declined 17.9% from the prior-year period to 361.1 million yuan from 439.9 million yuan.

Reported net income came to a loss of 15.9 million yuan, or a loss of 7 fen per share, compared to a loss of 14.0 million yuan, or a loss of 7 fen per share, in the year-earlier period.

As of April 28, US$1 was equivalent to 6.48 yuan.