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Lanzhou Sanmao Industrial Q1 loss narrows YOY

Lanzhou Sanmao Industrial Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 3 fen per share, compared with a loss of 4 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 6.2 million yuan, compared with a loss of 7.2 million yuan in the year-earlier period.

The normalized profit margin fell to negative 15.6% from negative 15.4% in the year-earlier period.

Total revenue fell 14.0% year over year to 39.9 million yuan from 46.4 million yuan, and total operating expenses fell 14.1% year over year to 49.9 million yuan from 58.1 million yuan.

Reported net income totaled a loss of 9.9 million yuan, or a loss of 5 fen per share, compared to a loss of 11.5 million yuan, or a loss of 6 fen per share, in the year-earlier period.

As of April 24, US$1 was equivalent to 6.19 yuan.