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Shandong Zhonglu Oceanic Fisheries swings to loss in Q1

Shandong Zhonglu Oceanic Fisheries Company Ltd said its normalized net income for the first quarter amounted to a loss of 1 fen per share, compared with 1 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 a loss of 2.8 million yuan, compared with income of 3.1 million yuan in the prior-year period.

The normalized profit margin dropped to negative 1.6% from 2.6% in the year-earlier period.

Total revenue climbed 32.1% year over year to 162.5 million yuan from 123.1 million yuan, and total operating expenses rose 41.3% year over year to 166.5 million yuan from 117.9 million yuan.

Reported net income totaled a loss of 4.4 million yuan, or a loss of 2 fen per share, compared to income of 4.8 million yuan, or 2 fen per share, in the prior-year period.

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