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Shenzhen AOTO Electronics swings to loss in Q1

Shenzhen AOTO Electronics Co. Ltd. said its normalized net income for the first quarter was a loss of 6.0 million yuan, compared with income of 573,770 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 fell to negative 9.9% from 0.9% in the year-earlier period.

Total revenue fell 15.1% on an annual basis to 53.6 million yuan from 63.2 million yuan, and total operating expenses declined year over year to 63.2 million yuan from 65.4 million yuan.

Reported net income totaled a loss of 6.6 million yuan, or a loss of 1 fen per share, compared to income of 653,440 yuan, or 0 fen per share, in the prior-year period.

As of April 20, US$1 was equivalent to 6.47 yuan.