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Xiake Color Spinning Q1 loss narrows YOY

Jiangsu Xiake Environment-Friendly Dyed-Spun Stock Co. Ltd. said its normalized net income for the first quarter was a loss of 1.6 million yuan, compared with a loss of 9.1 million 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 increased to negative 2.5% from negative 17.6% in the year-earlier period.

Total revenue climbed 25.8% on an annual basis to 65.1 million yuan from 51.7 million yuan, and total operating expenses rose on an annual basis to 67.8 million yuan from 64.9 million yuan.

Reported net income came to a loss of 2.7 million yuan, or a loss of 1 fen per share, compared to a loss of 14.8 million yuan, or a loss of 4 fen per share, in the prior-year period.

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