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China Information Technology Q1 loss widens 28.5% YOY

China Information Technology Development Ltd. said its first-quarter normalized net income amounted to a loss of HK$3.6 million, compared with a loss of HK$2.8 million in the prior-year period.

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

The normalized profit margin dropped to negative 192.0% from negative 43.1% in the year-earlier period.

Total revenue fell 71.2% on an annual basis to HK$1.9 million from HK$6.5 million, and total operating expenses decreased 15.5% year over year to HK$10.3 million from HK$12.2 million.

Reported net income came to a loss of HK$9.9 million, or a loss of 0 cents per share, compared to a loss of HK$4.2 million, or a loss of 0 cents per share, in the year-earlier period.