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Steyr Motors Q1 loss narrows YOY

Steyr Motors Corp. said its normalized net income for the first quarter came to a loss of 2 fen per share, compared with a loss of 2 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 16.6 million yuan, compared with a loss of 18.6 million yuan in the prior-year period.

The normalized profit margin increased to negative 9.8% from negative 12.2% in the year-earlier period.

Total revenue declined year over year to 151.1 million yuan from 152.8 million yuan, and total operating expenses came to 175.9 million yuan, compared with 176.1 million yuan in the year-earlier period.

Reported net income came to a loss of 24.2 million yuan, or a loss of 3 fen per share, compared to a loss of 23.9 million yuan, or a loss of 3 fen per share, in the prior-year period.

As of April 29, US$1 was equivalent to 6.20 yuan.