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Nafine Chemical Industry Q1 loss narrows YOY

Nafine Chemical Industry Group Co. Ltd. said its first-quarter normalized net income amounted to a loss of 6 fen per share, compared with a loss of 6 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 33.0 million yuan, compared with a loss of 34.1 million yuan in the year-earlier period.

The normalized profit margin dropped to negative 5.7% from negative 4.9% in the year-earlier period.

Total revenue fell 17.1% on an annual basis to 576.8 million yuan from 695.6 million yuan, and total operating expenses fell 13.7% on an annual basis to 615.0 million yuan from 712.4 million yuan.

Reported net income came to a loss of 54.0 million yuan, or a loss of 10 fen per share, compared to a loss of 55.5 million yuan, or a loss of 10 fen per share, in the year-earlier period.

As of April 22, US$1 was equivalent to 6.19 yuan.