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Yinhang Internet Technologies swings to profit in Q1

Yinhang Internet Technologies Development Inc. said its normalized net income for the first quarter amounted to 2 cents per share, compared with a loss of 7 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $184,090, compared with a loss of $416,000 in the prior-year period.

The normalized profit margin climbed to 15.1% from negative 28.9% in the year-earlier period.

Total revenue declined 15.2% on an annual basis to $1.2 million from $1.4 million, and total operating expenses decreased 58.3% year over year to $922,990 from $2.2 million.

Reported net income totaled $120,190, or 2 cents per share, compared to a loss of $854,910, or a loss of 15 cents per share, in the year-earlier period.