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NetDragon Websoft swings to loss in Q1

NetDragon Websoft Holdings Ltd. said its normalized net income for the first quarter amounted to a loss of 58.1 million yuan, compared with income of 2.0 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 declined to negative 10.2% from 0.8% in the year-earlier period.

Total revenue rose year over year to 571.6 million yuan from 246.2 million yuan, and total operating expenses climbed on an annual basis to 708.6 million yuan from 263.5 million yuan.

Reported net income came to a loss of 113.6 million yuan, or a loss of 23 fen per share, compared to a loss of 10.9 million yuan, or a loss of 2 fen per share, in the year-earlier period.

As of June 23, US$1 was equivalent to 6.58 yuan.