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Beijing Hengtong Q1 loss widens 26.9% YOY

Beijing Hengtong Innovation Luxwood Technology Co.Ltd said its normalized net income for the first quarter came to a loss of 1 fen per share, compared with a loss of 1 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 2.8 million yuan, compared with a loss of 2.2 million yuan in the year-earlier period.

The normalized profit margin declined to negative 10.3% from negative 7.6% in the year-earlier period.

Total revenue declined 5.8% on an annual basis to 27.4 million yuan from 29.0 million yuan, and total operating expenses fell from the prior-year period to 33.3 million yuan from 33.6 million yuan.

Reported net income totaled a loss of 4.5 million yuan, or a loss of 2 fen per share, compared to a loss of 4.8 million yuan, or a loss of 3 fen per share, in the prior-year period.

As of April 22, US$1 was equivalent to 6.50 yuan.