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Harbin Gong Da High-Tech Q1 loss widens YOY

Harbin Gong Da High-Tech Enterprise Development Co. Ltd. said its normalized net income for the first quarter came to a loss of 12.9 million yuan, compared with a loss of 3.6 million 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 dropped to negative 7.4% from negative 2.0% in the year-earlier period.

Total revenue declined year over year to 173.4 million yuan from 180.5 million yuan, and total operating expenses rose 5.3% year over year to 185.7 million yuan from 176.3 million yuan.

Reported net income came to a loss of 21.0 million yuan, or a loss of 4 fen per share, compared to a loss of 7.9 million yuan, or a loss of 2 fen per share, in the prior-year period.

As of April 28, US$1 was equivalent to 6.20 yuan.