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Shenzhen Zowee Technology Q1 loss narrows YOY

Shenzhen Zowee Technology Co. Ltd. said its normalized net income for the first quarter came to a loss of 1.7 million yuan, compared with a loss of 23.1 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 0.3% from negative 3.0% in the year-earlier period.

Total revenue fell 16.9% year over year to 635.0 million yuan from 764.1 million yuan, and total operating expenses fell 20.4% on an annual basis to 631.9 million yuan from 793.8 million yuan.

Reported net income totaled 4.5 million yuan, or 1 fen per share, compared to a loss of 28.6 million yuan, or a loss of 6 fen per share, in the year-earlier period.

As of April 29, US$1 was equivalent to 6.48 yuan.