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Hunan Zhenghong Science & Technology swings to loss in Q1

Hunan Zhenghong Science & Technology Development Co. Ltd. said its normalized net income for the first quarter was a loss of 1.4 million yuan, compared with income of 2.9 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 fell to 0.0% from 0.8% in the year-earlier period.

Total revenue declined 21.3% year over year to 292.5 million yuan from 371.5 million yuan, and total operating expenses decreased 18.3% year over year to 307.5 million yuan from 376.3 million yuan.

Reported net income declined 36.4% on an annual basis to 2.3 million yuan, or 1 fen per share, from 3.6 million yuan, or 1 fen per share.

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