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Shenzhen Sunshine Laser swings to loss in Q1

Shenzhen Sunshine Laser & Electronics Technology Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 2.2 million yuan, compared with income of 2.0 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 dropped to negative 4.0% from 4.0% in the year-earlier period.

Total revenue fell 5.5% on an annual basis to 47.2 million yuan from 50.0 million yuan, and total operating expenses increased 5.6% from the prior-year period to 50.5 million yuan from 47.8 million yuan.

Reported net income totaled a loss of 3.8 million yuan, or a loss of 2 fen per share, compared to income of 2.1 million yuan, or 1 fen per share, in the year-earlier period.

As of April 18, US$1 was equivalent to 6.47 yuan.