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Shenzhen Textile swings to loss in Q1

Shenzhen Textile (Holdings) Co. Ltd. said its first-quarter normalized net income came to a loss of 2.7 million yuan, compared with income of 14.2 million 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 declined to negative 0.7% from 4.7% in the year-earlier period.

Total revenue declined 13.4% on an annual basis to 262.3 million yuan from 302.7 million yuan, and total operating expenses declined 16.1% on an annual basis to 264.9 million yuan from 315.7 million yuan.

Reported net income totaled a loss of 10.2 million yuan, or a loss of 2 fen per share, compared to income of 4.3 million yuan, or 1 fen per share, in the year-earlier period.

As of April 28, US$1 was equivalent to 6.48 yuan.