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ShangHai Huahong Jitong Smart System Q1 loss widens YOY

ShangHai Huahong Jitong Smart System Co. Ltd. said its first-quarter normalized net income came to a loss of 1.7 million yuan, compared with a loss of 516,940 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 fell to negative 5.5% from negative 1.0% in the year-earlier period.

Total revenue declined 43.1% year over year to 30.6 million yuan from 53.8 million yuan, and total operating expenses fell 39.5% from the prior-year period to 34.0 million yuan from 56.2 million yuan.

Reported net income totaled a loss of 1.3 million yuan, or a loss of 1 fen per share, compared to income of 681,500 yuan, or 0 fen per share, in the year-earlier period.

As of April 21, US$1 was equivalent to 6.48 yuan.