Tongwei Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 22.5 million yuan, compared with income of 5.9 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 1.1% from 0.3% in the year-earlier period.
Total revenue grew on an annual basis to 2.00 billion yuan from 1.97 billion yuan, and total operating expenses totaled 2.01 billion yuan, compared with 2.00 billion yuan in the year-earlier period.
Reported net income totaled a loss of 31.9 million yuan, or a loss of 2 fen per share, compared to a loss of 32.2 million yuan, or a loss of 2 fen per share, in the year-earlier period.
As of April 27, US$1 was equivalent to 6.22 yuan.
