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China Television Media swings to loss in Q1

China Television Media Ltd. said its first-quarter normalized net income amounted to a loss of 1 fen per share, compared with 3 fen 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 4.7 million yuan, compared with income of 9.0 million yuan in the year-earlier period.

The normalized profit margin declined to negative 5.3% from 9.4% in the year-earlier period.

Total revenue declined 5.6% on an annual basis to 91.3 million yuan from 96.8 million yuan, and total operating expenses rose 28.0% from the prior-year period to 108.9 million yuan from 85.1 million yuan.

Reported net income came to a loss of 9.1 million yuan, or a loss of 3 fen per share, compared to income of 9.1 million yuan, or 3 fen per share, in the prior-year period.

As of April 27, US$1 was equivalent to 6.50 yuan.