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Yuxing InfoTech Investment Q1 loss widens YOY

Yuxing InfoTech Investment Holdings Ltd. said its first-quarter normalized net income amounted to a loss of HK$62.8 million, compared with a loss of HK$15.9 million in the year-earlier period.

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

The normalized profit margin declined to negative 76.7% from negative 12.8% in the year-earlier period.

Total revenue decreased 34.2% on an annual basis to HK$81.9 million from HK$124.4 million, and total operating expenses grew 25.8% from the prior-year period to HK$165.5 million from HK$131.6 million.

Reported net income totaled HK$5.6 million, or 0 cents per share, compared to a loss of HK$297.8 million, or a loss of 17 cents per share, in the prior-year period.