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AVCON Information Technology Q1 loss narrows YOY

AVCON Information Technology Co. Ltd. said its first-quarter normalized net income came to a loss of 1 fen per share, compared with a loss of 3 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 5.4 million yuan, compared with a loss of 16.3 million yuan in the year-earlier period.

The normalized profit margin rose to negative 12.6% from negative 55.6% in the year-earlier period.

Total revenue climbed 44.6% on an annual basis to 42.4 million yuan from 29.4 million yuan, and total operating expenses declined on an annual basis to 60.5 million yuan from 61.6 million yuan.

Reported net income totaled a loss of 9.0 million yuan, or a loss of 2 fen per share, compared to a loss of 25.2 million yuan, or a loss of 5 fen per share, in the prior-year period.

As of April 25, US$1 was equivalent to 6.49 yuan.