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Luoniushan swings to profit in Q1

Luoniushan Co. Ltd. said its first-quarter normalized net income came to 5.9 million yuan, compared with a loss of 8.6 million 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 rose to 5.1% from negative 3.1% in the year-earlier period.

Total revenue decreased 45.6% year over year to 149.4 million yuan from 274.8 million yuan, and total operating expenses decreased 42.8% from the prior-year period to 172.2 million yuan from 300.9 million yuan.

Reported net income came to 15.5 million yuan, or 2 fen per share, compared to a loss of 20.9 million yuan, or a loss of 2 fen per share, in the prior-year period.

As of April 28, US$1 was equivalent to 6.20 yuan.