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Guangzhou Zhujiang Brewery swings to loss in Q1

Guangzhou Zhujiang Brewery Co. Ltd. said its first-quarter normalized net income amounted to a loss of 4.9 million yuan, compared with income of 6.0 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 0.6% from 1.1% in the year-earlier period.

Total revenue rose 19.3% year over year to 641.3 million yuan from 537.6 million yuan, and total operating expenses climbed 22.9% on an annual basis to 645.9 million yuan from 525.5 million yuan.

Reported net income rose 21.5% on an annual basis to 7.3 million yuan, or 1 fen per share, from 6.0 million yuan, or 1 fen per share.

As of April 20, US$1 was equivalent to 6.20 yuan.