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Xiamen Overseas Chinese Electronic Q1 loss narrows YOY

Xiamen Overseas Chinese Electronic Co. Ltd. said its first-quarter normalized net income was a loss of 429,980 yuan, compared with a loss of 24.1 million yuan in the prior-year period.

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

Reported net income came to 2.7 million yuan, or 1 fen per share, compared to a loss of 39.5 million yuan, or a loss of 8 fen per share, in the prior-year period.

As of April 29, US$1 was equivalent to 6.20 yuan.