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China Candy swings to loss in Q1

China Candy Holdings Ltd. said its normalized net income for the first quarter was a loss of 340,630 yuan, compared with income of 988,130 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 fell to negative 3.1% from 7.4% in the year-earlier period.

Total revenue declined 17.4% on an annual basis to 11.1 million yuan from 13.4 million yuan, and total operating expenses fell from the prior-year period to 11.1 million yuan from 11.3 million yuan.

Reported net income totaled a loss of 810,000 yuan, or a loss of 0 fen per share, compared to income of 972,000 yuan, or 0 fen per share, in the year-earlier period.

As of May 6, US$1 was equivalent to 6.50 yuan.