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Beijing Hanbang Technology Q1 loss widens YOY

Beijing Hanbang Technology Corp. said its normalized net income for the first quarter was a loss of 6 fen per share, compared with a loss of 3 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 7.7 million yuan, compared with a loss of 2.8 million yuan in the year-earlier period.

The normalized profit margin fell to negative 13.2% from negative 4.4% in the year-earlier period.

Total revenue decreased 7.9% year over year to 58.6 million yuan from 63.7 million yuan, and total operating expenses climbed on an annual basis to 76.4 million yuan from 72.9 million yuan.

Reported net income totaled a loss of 12.4 million yuan, or a loss of 9 fen per share, compared to a loss of 4.6 million yuan, or a loss of 5 fen per share, in the year-earlier period.

As of April 22, US$1 was equivalent to 6.50 yuan.