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Shanghai Potevio Q1 loss narrows YOY

Shanghai Potevio Co.Ltd. said its first-quarter normalized net income amounted to a loss of 3.1 million yuan, compared with a loss of 4.1 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 climbed to negative 1.1% from negative 1.2% in the year-earlier period.

Total revenue fell 43.7% year over year to 201.5 million yuan from 357.7 million yuan, and total operating expenses decreased 45.3% year over year to 198.0 million yuan from 361.9 million yuan.

Reported net income came to a loss of 4.0 million yuan, or a loss of 1 fen per share, compared to a loss of 7.1 million yuan, or a loss of 2 fen per share, in the prior-year period.

As of April 29, US$1 was equivalent to 6.48 yuan.