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Xiangyang Automobile Bearing swings to loss in Q1

Xiangyang Automobile Bearing Co. Ltd. said its normalized net income for the first quarter was a loss of 1 fen per share, compared with 1 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 6.6 million yuan, compared with income of 4.6 million yuan in the prior-year period.

The normalized profit margin dropped to negative 0.8% from 1.4% in the year-earlier period.

Total revenue decreased year over year to 307.3 million yuan from 318.8 million yuan, and total operating expenses totaled 312.8 million yuan, compared with 312.5 million yuan in the year-earlier period.

Reported net income totaled a loss of 4.0 million yuan, or a loss of 1 fen per share, compared to income of 7.2 million yuan, or 2 fen per share, in the year-earlier period.

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