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LianChuang Electronic Technology swings to loss in Q1

LianChuang Electronic Technology Co.Ltd. said its first-quarter normalized net income was a loss of 2.5 million yuan, compared with income of 3.9 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 1.1% from 1.9% in the year-earlier period.

Total revenue increased 32.0% year over year to 269.4 million yuan from 204.1 million yuan, and total operating expenses increased 30.5% from the prior-year period to 266.1 million yuan from 203.9 million yuan.

Reported net income totaled 9.4 million yuan, or 2 fen per share, compared to 6.9 million yuan, or 2 fen per share, in the prior-year period.

As of April 26, US$1 was equivalent to 6.50 yuan.