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Huizhong Instrumentation Q1 loss widens YOY

Huizhong Instrumentation Co. Ltd. said its first-quarter normalized net income amounted to a loss of 3.6 million yuan, compared with a loss of 833,240 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 negative 17.6% from negative 4.5% in the year-earlier period.

Total revenue climbed 9.6% year over year to 20.2 million yuan from 18.5 million yuan, and total operating expenses rose 21.0% on an annual basis to 28.8 million yuan from 23.8 million yuan.

Reported net income totaled a loss of 4.6 million yuan, or a loss of 4 fen per share, compared to a loss of 957,890 yuan, or a loss of 1 fen per share, in the year-earlier period.

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