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Elec-Tech International Q1 loss widens YOY

Elec-Tech International Co. Ltd. said its normalized net income for the first quarter came to a loss of 4 fen per share, compared with a loss of 2 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 54.0 million yuan, compared with a loss of 21.5 million yuan in the year-earlier period.

The normalized profit margin fell to negative 6.3% from negative 2.8% in the year-earlier period.

Total revenue grew 6.3% year over year to 814.2 million yuan from 765.6 million yuan, and total operating expenses grew 15.9% from the prior-year period to 885.9 million yuan from 764.6 million yuan.

Reported net income came to a loss of 93.3 million yuan, or a loss of 7 fen per share, compared to a loss of 35.7 million yuan, or a loss of 3 fen per share, in the year-earlier period.

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