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LandOcean Q1 loss narrows YOY

LandOcean Energy Services Co.Ltd. said its first-quarter normalized net income came to a loss of 1.8 million yuan, compared with a loss of 5.7 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to negative 1.1% from negative 5.5% in the year-earlier period.

Total revenue grew 50.4% on an annual basis to 157.8 million yuan from 104.9 million yuan, and total operating expenses climbed 41.2% year over year to 150.3 million yuan from 106.5 million yuan.

Reported net income totaled a loss of 10.9 million yuan, or a loss of 2 fen per share, compared to a loss of 12.0 million yuan, or a loss of 2 fen per share, in the year-earlier period.

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