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Westone Information Industry Q1 loss widens 80.0% YOY

Westone Information Industry Inc. said its first-quarter normalized net income amounted to a loss of 6 fen per share, compared with a loss of 3 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 38.4 million yuan, compared with a loss of 21.3 million yuan in the prior-year period.

The normalized profit margin rose to negative 15.8% from negative 23.8% in the year-earlier period.

Total revenue grew 95.6% on an annual basis to 175.5 million yuan from 89.7 million yuan, and total operating expenses climbed 75.6% year over year to 240.1 million yuan from 136.7 million yuan.

Reported net income totaled a loss of 42.9 million yuan, or a loss of 6 fen per share, compared to a loss of 30.9 million yuan, or a loss of 4 fen per share, in the year-earlier period.

As of April 29, US$1 was equivalent to 6.48 yuan.