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Maiquer Group swings to loss in Q1

Maiquer Group Co.Ltd. said its first-quarter normalized net income amounted to a loss of 285,900 yuan, compared with income of 6.3 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 declined to 4.0% from 7.7% in the year-earlier period.

Total revenue grew 40.3% year over year to 115.1 million yuan from 82.0 million yuan, and total operating expenses climbed 57.9% on an annual basis to 116.9 million yuan from 74.0 million yuan.

Reported net income fell 31.9% year over year to 5.9 million yuan, or 5 fen per share, from 8.7 million yuan, or 8 fen per share.

As of April 25, US$1 was equivalent to 6.49 yuan.