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CITIC Guoan Wine Q1 loss widens YOY

CITIC Guoan Wine Co. Ltd. said its normalized net income for the first quarter came to a loss of 3 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 32.2 million yuan, compared with a loss of 14.8 million yuan in the prior-year period.

The normalized profit margin declined to negative 58.5% from negative 19.4% in the year-earlier period.

Total revenue decreased 27.9% on an annual basis to 55.0 million yuan from 76.3 million yuan, and total operating expenses rose 18.0% year over year to 93.4 million yuan from 79.2 million yuan.

Reported net income came to a loss of 51.9 million yuan, or a loss of 5 fen per share, compared to a loss of 24.2 million yuan, or a loss of 3 fen per share, in the year-earlier period.

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