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Kairuide Holding Q1 loss widens 67.1% YOY

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Kairuide Holding Q1 loss widens 67.1% YOY

Kairuide Holding Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 6 fen per share, compared with a loss of 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 10.0 million yuan, compared with a loss of 6.0 million yuan in the year-earlier period.

The normalized profit margin declined to negative 36.6% from negative 4.2% in the year-earlier period.

Total revenue fell 79.9% on an annual basis to 28.7 million yuan from 142.8 million yuan, and total operating expenses declined 73.1% year over year to 37.2 million yuan from 138.4 million yuan.

Reported net income totaled a loss of 16.8 million yuan, or a loss of 10 fen per share, compared to a loss of 9.6 million yuan, or a loss of 6 fen per share, in the year-earlier period.

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