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Fujian Fynex Textile swings to profit in Q1

Fujian Fynex Textile Science & Technology Co. Ltd. said its first-quarter normalized net income amounted to 349,760 yuan, compared with a loss of 1.1 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 rose to 0.8% from negative 0.8% in the year-earlier period.

Total revenue climbed on an annual basis to 134.0 million yuan from 130.5 million yuan, and total operating expenses decreased from the prior-year period to 130.6 million yuan from 135.6 million yuan.

Reported net income totaled 1.5 million yuan, or 1 fen per share, compared to a loss of 2.5 million yuan, or a loss of 1 fen per share, in the prior-year period.

As of April 20, US$1 was equivalent to 6.20 yuan.