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Aerospace Hi-Tech Holding swings to loss in Q1

Aerospace Hi-Tech Holding Group Co. Ltd. said its first-quarter normalized net income was a loss of 1.0 million yuan, compared with income of 5.5 million 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 declined to negative 0.2% from 1.9% in the year-earlier period.

Total revenue climbed 8.6% year over year to 311.4 million yuan from 286.7 million yuan, and total operating expenses rose 10.2% on an annual basis to 313.5 million yuan from 284.5 million yuan.

Reported net income totaled a loss of 2.1 million yuan, or a loss of 1 fen per share, compared to income of 7.4 million yuan, or 3 fen per share, in the year-earlier period.

As of April 28, US$1 was equivalent to 6.20 yuan.