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Hubei Wuchangyu Q1 loss narrows YOY

Hubei Wuchangyu Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 1.4 million yuan, compared with a loss of 2.9 million yuan in the year-earlier period.

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

The normalized profit margin increased to negative 26.5% from negative 149.0% in the year-earlier period.

Total revenue rose year over year to 5.4 million yuan from 1.9 million yuan, and total operating expenses declined 16.0% year over year to 4.3 million yuan from 5.1 million yuan.

Reported net income totaled a loss of 2.8 million yuan, or a loss of 1 fen per share, compared to a loss of 4.6 million yuan, or a loss of 1 fen per share, in the year-earlier period.

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