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Ningbo Sunlight Electrical Appliance swings to loss in Q1

Ningbo Sunlight Electrical Appliance Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 2.1 million yuan, compared with income of 593,200 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 fell to negative 8.4% from 1.6% in the year-earlier period.

Total revenue declined 40.0% year over year to 21.9 million yuan from 36.4 million yuan, and total operating expenses fell 29.2% from the prior-year period to 26.0 million yuan from 36.8 million yuan.

Reported net income totaled a loss of 3.0 million yuan, or a loss of 2 fen per share, compared to income of 805,060 yuan, or 1 fen per share, in the year-earlier period.

As of April 22, US$1 was equivalent to 6.19 yuan.