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China Zenix Auto International swings to loss in Q1

China Zenix Auto International Ltd said its first-quarter normalized net income came to a loss of 210,000 yuan, compared with income of 38.9 million 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 declined to negative 0.0% from 4.3% in the year-earlier period.

Total revenue decreased 19.4% year over year to 722.3 million yuan from 896.1 million yuan, and total operating expenses decreased 13.0% from the prior-year period to 721.6 million yuan from 829.6 million yuan.

Reported net income fell 98.5% from the prior-year period to 774,000 yuan, or 1 fen per share, from 52.9 million yuan, or 1.02 yuan per share.

As of May 19, US$1 was equivalent to 6.21 yuan.