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Pingtan Marine Enterprise swings to loss in Q1

Pingtan Marine Enterprise Ltd. said its first-quarter normalized net income amounted to a loss of 4 cents per share, compared with 6 cents 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 $3.0 million, compared with income of $5.1 million in the prior-year period.

The normalized profit margin declined to negative 74.0% from 17.6% in the year-earlier period.

Total revenue declined 85.7% year over year to $4.1 million from $28.7 million, and total operating expenses fell 52.4% on an annual basis to $9.2 million from $19.4 million.

Reported net income totaled a loss of $5.1 million, or a loss of 6 cents per share, compared to income of $8.2 million, or 10 cents per share, in the prior-year period.