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Echom swings to profit in Q1

Guangzhou Echom Sci.&Tech.Co.Ltd said its first-quarter normalized net income was 1.5 million yuan, compared with a loss of 10.5 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 rose to 0.5% from negative 1.7% in the year-earlier period.

Total revenue climbed 21.0% on an annual basis to 747.0 million yuan from 617.4 million yuan, and total operating expenses grew 16.0% on an annual basis to 734.8 million yuan from 633.2 million yuan.

Reported net income came to 6.0 million yuan, or 2 fen per share, compared to a loss of 15.4 million yuan, or a loss of 4 fen per share, in the prior-year period.

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