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China Innovationpay Q1 loss widens 62.6% YOY

China Youzan Ltd. said its normalized net income for the first quarter amounted to a loss of HK$11.9 million, compared with a loss of HK$7.3 million in the prior-year period.

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

The normalized profit margin declined to negative 225.2% from negative 40.0% in the year-earlier period.

Total revenue fell 54.8% on an annual basis to HK$8.3 million from HK$18.3 million, and total operating expenses grew 5.7% on an annual basis to HK$31.8 million from HK$30.1 million.

Reported net income totaled a loss of HK$21.1 million, or a loss of 0 cents per share, compared to a loss of HK$11.8 million, or a loss of 0 cents per share, in the prior-year period.