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Yunnan Xiyi Industry swings to loss in Q1

Yunnan Xiyi Industry Co. Ltd. said its first-quarter normalized net income was a loss of 4.8 million yuan, compared with income of 403,050 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 dropped to negative 1.9% from 0.4% in the year-earlier period.

Total revenue increased 21.2% on an annual basis to 134.0 million yuan from 110.5 million yuan, and total operating expenses rose 29.2% on an annual basis to 141.4 million yuan from 109.4 million yuan.

Reported net income came to a loss of 4.3 million yuan, or a loss of 1 fen per share, compared to income of 793,240 yuan, or 0 fen per share, in the year-earlier period.

As of April 23, US$1 was equivalent to 6.20 yuan.