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RuiYuan Q1 loss widens YOY

Zhejiang RuiYuan Intelligent Control Technology Company Ltd. said its first-quarter normalized net income was a loss of 568,130 yuan, compared with a loss of 546,880 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 fell to negative 13.1% from negative 6.2% in the year-earlier period.

Total revenue declined 51.3% on an annual basis to 4.3 million yuan from 8.9 million yuan, and total operating expenses decreased 46.4% on an annual basis to 5.2 million yuan from 9.8 million yuan.

Reported net income totaled a loss of 909,000 yuan, or a loss of 0 fen per share, compared to a loss of 875,000 yuan, or a loss of 0 fen per share, in the year-earlier period.

As of May 10, US$1 was equivalent to 6.52 yuan.