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Lawton Development Q1 loss widens YOY

Lawton Development Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 3.6 million yuan, compared with a loss of 3.4 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 negative 35.4% from negative 27.0% in the year-earlier period.

Total revenue fell 21.2% on an annual basis to 10.0 million yuan from 12.7 million yuan, and total operating expenses decreased 7.6% year over year to 19.7 million yuan from 21.3 million yuan.

Reported net income totaled a loss of 5.6 million yuan, or a loss of 1 fen per share, compared to a loss of 5.7 million yuan, or a loss of 1 fen per share, in the year-earlier period.

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