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China Netcom Technology Q1 loss narrows YOY

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China Netcom Technology Q1 loss narrows YOY

China Netcom Technology Holdings Ltd said its first-quarter normalized net income came to a loss of HK$4.3 million, compared with a loss of HK$4.4 million in the prior-year period.

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

Total revenue decreased 59.0% year over year to HK$100,000 from HK$244,000, and total operating expenses decreased 6.8% from the prior-year period to HK$6.9 million from HK$7.4 million.

Reported net income totaled a loss of HK$6.4 million, or a loss of 0 cents per share, compared to a loss of HK$7.0 million, or a loss of 0 cents per share, in the prior-year period.