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ZQGame swings to loss in Q1

SHENZHEN ZQGAME CO. LTD said its first-quarter normalized net income was a loss of 3.2 million yuan, compared with income of 2.8 million yuan 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 2.9% from 4.2% in the year-earlier period.

Total revenue decreased 6.1% on an annual basis to 62.4 million yuan from 66.4 million yuan, and total operating expenses fell on an annual basis to 67.8 million yuan from 70.5 million yuan.

Reported net income decreased 42.8% on an annual basis to 3.5 million yuan, or 1 fen per share, from 6.1 million yuan, or 2 fen per share.

As of April 26, US$1 was equivalent to 6.50 yuan.