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Shanghai Sanmao Enterprise swings to profit in Q1

Shanghai Sanmao Enterprise (Group) Co. Ltd. said its first-quarter normalized net income amounted to 16 fen per share, compared with a loss of 2 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 32.8 million yuan, compared with a loss of 4.2 million yuan in the prior-year period.

The normalized profit margin dropped to negative 1.4% from negative 1.3% in the year-earlier period.

Total revenue totaled 326.6 million yuan, compared with 326.2 million yuan in the year-earlier period, and total operating expenses totaled 332.0 million yuan, compared with 329.2 million yuan in the prior-year period.

Reported net income came to a loss of 11.5 million yuan, or a loss of 6 fen per share, compared to a loss of 9.7 million yuan, or a loss of 5 fen per share, in the prior-year period.

As of April 27, US$1 was equivalent to 6.22 yuan.