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China Vanguard You Champion swings to loss in fiscal Q1

China Vanguard You Champion Holdings Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to a loss of HK$5.1 million, compared with income of HK$232,500 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 29.5% from 1.2% in the year-earlier period.

Total revenue decreased 13.0% on an annual basis to HK$17.3 million from HK$19.9 million, and total operating expenses rose 14.1% year over year to HK$23.6 million from HK$20.7 million.

Reported net income totaled a loss of HK$7.6 million, or a loss of 0 cents per share, compared to income of HK$3.6 million, or 0 cents per share, in the year-earlier period.