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Chinese Food & Beverage Group Q1 loss widens 28.2% YOY

Chinese Food and Beverage Group Ltd said its first-quarter normalized net income came to a loss of 6 Hong Kong cents per share, compared with a loss of 5 cents 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 HK$17.0 million, compared with a loss of HK$13.3 million in the prior-year period.

The normalized profit margin declined to negative 100.8% from negative 77.8% in the year-earlier period.

Total revenue decreased 5.9% on an annual basis to HK$16.0 million from HK$17.0 million, and total operating expenses declined year over year to HK$28.5 million from HK$28.8 million.

Reported net income came to a loss of HK$26.1 million, or a loss of 10 cents per share, compared to a loss of HK$14.7 million, or a loss of 6 cents per share, in the year-earlier period.