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Shanghai Phoenix Enterprise Q1 loss narrows YOY

Shanghai Phoenix Enterprise (Group) Co. Ltd. said its normalized net income for the first quarter came to a loss of 1.0 million yuan, compared with a loss of 4.9 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 climbed to negative 1.5% from negative 3.9% in the year-earlier period.

Total revenue declined 43.0% on an annual basis to 71.9 million yuan from 126.3 million yuan, and total operating expenses declined 35.3% on an annual basis to 86.1 million yuan from 133.0 million yuan.

Reported net income totaled a loss of 789,340 yuan, or a loss of 0 fen per share, compared to a loss of 7.9 million yuan, or a loss of 2 fen per share, in the year-earlier period.

As of April 24, US$1 was equivalent to 6.19 yuan.