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Huaiji Dengyun Auto-Parts swings to loss in Q1

Huaiji Dengyun Auto-Parts (Holding) Co. Ltd. said its normalized net income for the first quarter was a loss of 3.1 million yuan, compared with income of 621,820 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 4.3% from 1.0% in the year-earlier period.

Total revenue grew 5.0% on an annual basis to 67.1 million yuan from 63.9 million yuan, and total operating expenses climbed 16.9% on an annual basis to 70.3 million yuan from 60.1 million yuan.

Reported net income totaled a loss of 4.1 million yuan, or a loss of 5 fen per share, compared to income of 437,170 yuan, or 0 fen per share, in the prior-year period.

As of April 29, US$1 was equivalent to 6.48 yuan.