ChinaNet Online Holdings Inc. said its normalized net income for the first quarter came to a loss of 8 cents per share, compared with a loss of 12 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $870,630, compared with a loss of $1.2 million in the year-earlier period.
The normalized profit margin increased to negative 17.2% from negative 21.5% in the year-earlier period.
Total revenue fell 11.6% year over year to $5.1 million from $5.7 million, and total operating expenses fell 16.9% from the prior-year period to $6.5 million from $7.8 million.
Reported net income came to a loss of $1.4 million, or a loss of 13 cents per share, compared to a loss of $1.8 million, or a loss of 18 cents per share, in the prior-year period.