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Shenzhen Success Electronics Q1 loss widens 22.8% YOY

Shenzhen Success Electronics Co. Ltd said its normalized net income for the first quarter came to a loss of 10 fen per share, compared with a loss of 8 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 28.9 million yuan, compared with a loss of 23.5 million yuan in the prior-year period.

The normalized profit margin fell to negative 8.7% from negative 4.4% in the year-earlier period.

Total revenue declined 41.0% on an annual basis to 312.2 million yuan from 529.0 million yuan, and total operating expenses decreased 37.1% on an annual basis to 344.0 million yuan from 546.7 million yuan.

Reported net income totaled a loss of 44.5 million yuan, or a loss of 16 fen per share, compared to a loss of 37.6 million yuan, or a loss of 13 fen per share, in the year-earlier period.

As of April 28, US$1 was equivalent to 6.48 yuan.