Recon Technology Q3 Loss Widens

(RTTNews) - Recon Technology Ltd. (RCON) reported that its net loss to shareholders for the third-quarter ended March 31, 2016 widened to RMB 9.6 million ($1.5 million), or RMB 1.66 ($0.26) per share, from RMB 1.5 million, or RMB0.32 per share, for the same period last fiscal year.

Adjusted net loss attributable to shareholders was RMB 6.7 million ($1.0 million), or RMB 1.16 ($0.18) per diluted share, compared to RMB 0.6 million, or RMB 0.12 per diluted share, for the same period last fiscal year.

Total revenues decreased by 77.3% to RMB 4.5 million or $0.7 million from RMB 20.0 million for the same period last fiscal year mainly as a result of weak demand from our clients, affected by global unfavorable oil prices.