Chinanet Online Holdings (CNET) saw its loss narrow to $1.09 million, or $0.09 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $1.41 million, or $0.12 a share. Revenue during the quarter surged 43.56 percent to $7.26 million from $5.06 million in the previous year period. Gross margin for the quarter contracted 1419 basis points over the previous year period to 17.51 percent. Operating margin for the quarter stood at negative 14.44 percent as compared to a negative 27.83 percent for the previous year period.
Operating loss for the quarter was $1.05 million, compared with an operating loss of $1.41 million in the previous year period.
Operating cash flow turns negative
Chinanet Online Holdings has spent $2.01 million cash to meet operating activities during the quarter as against cash inflow of $0.44 million in the last year period. Cash and cash equivalents stood at $1.05 million as on Mar. 31, 2017, down 72.04 percent or $2.70 million from $3.74 million on Mar. 31, 2016.
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