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Fujian Star-net Communication Q1 loss widens 29.2% YOY

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Fujian Star-net Communication Q1 loss widens 29.2% YOY

Fujian Star-net Communication Co. LTD. said its first-quarter normalized net income amounted to a loss of 2 fen per share, compared with a loss of 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 9.6 million yuan, compared with a loss of 7.4 million yuan in the prior-year period.

The normalized profit margin rose to negative 1.3% from negative 1.5% in the year-earlier period.

Total revenue climbed 44.4% on an annual basis to 713.4 million yuan from 494.2 million yuan, and total operating expenses grew 39.8% from the prior-year period to 801.1 million yuan from 572.9 million yuan.

Reported net income came to a loss of 10.1 million yuan, or a loss of 2 fen per share, compared to a loss of 10.4 million yuan, or a loss of 2 fen per share, in the prior-year period.

As of April 27, US$1 was equivalent to 6.50 yuan.