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Beijing Hengtong Q1 loss narrows YOY

Beijing Hengtong Innovation Luxwood Technology Co. Ltd. said its normalized net income for the first quarter was a loss of 3 fen per share, compared with a loss of 3 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 4.3 million yuan, compared with a loss of 4.6 million yuan in the year-earlier period.

The normalized profit margin climbed to negative 7.6% from negative 108.9% in the year-earlier period.

Total revenue rose year over year to 29.0 million yuan from 4.2 million yuan, and total operating expenses grew year over year to 33.6 million yuan from 11.0 million yuan.

Reported net income came to a loss of 4.8 million yuan, or a loss of 4 fen per share, compared to a loss of 7.5 million yuan, or a loss of 5 fen per share, in the prior-year period.

As of April 24, US$1 was equivalent to 6.19 yuan.