By P.R. Venkat

Jiangsu Expressway Co. Ltd. swung to a loss in the first quarter due to lower contributions from its toll roads and property business.

Its net loss for the quarter ended March was 32.73 million yuan ($4.6 million) compared with a net profit of CNY1.03 billion in the year-earlier period, the company said late Sunday.

First-quarter revenue was down 59% at CNY963.55 million.

The company said that the nationwide waiver of toll fares by the Chinese government due to the Covid-19 pandemic had affected the group's revenue during the quarter. 



  Write to P.R. Venkat at venkat.pr@wsj.com