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North Electro-Optic swings to loss in Q1

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North Electro-Optic swings to loss in Q1

North Electro-Optic Co.Ltd. said its first-quarter normalized net income amounted to a loss of 731,020 yuan, compared with income of 1.5 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 declined to 0.6% from 0.9% in the year-earlier period.

Total revenue totaled 165.9 million yuan, compared with 166.7 million yuan in the year-earlier period, and total operating expenses grew from the prior-year period to 170.0 million yuan from 164.2 million yuan.

Reported net income fell 73.6% from the prior-year period to 609,220 yuan, or 0 fen per share, from 2.3 million yuan, or 1 fen per share.

As of April 21, US$1 was equivalent to 6.48 yuan.