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United Food Holdings swings to loss in Q1

United Food Holdings Ltd said its normalized net income for the first quarter was a loss of 26 fen per share, compared with 2 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 28.2 million yuan, compared with income of 2.1 million yuan in the year-earlier period.

The normalized profit margin dropped to negative 37.7% from 0.2% in the year-earlier period.

Total revenue declined 92.6% year over year to 74.9 million yuan from 1.02 billion yuan, and total operating expenses fell 88.2% from the prior-year period to 120.1 million yuan from 1.02 billion yuan.

Reported net income came to a loss of 45.1 million yuan, or a loss of 41 fen per share, compared to income of 3.3 million yuan, or 3 fen per share, in the prior-year period.

As of May 13, US$1 was equivalent to 6.53 yuan.