China Ouhua Winery Holdings Ltd said its first-quarter normalized net income amounted to a loss of 2.6 million yuan, compared with a loss of 2.5 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to negative 126.7% from negative 133.9% in the year-earlier period.

Total revenue grew 8.6% year over year to 2.0 million yuan from 1.9 million yuan, and total operating expenses increased on an annual basis to 6.6 million yuan from 6.3 million yuan.

Reported net income came to a loss of 4.3 million yuan, or a loss of 1 fen per share, compared to a loss of 4.2 million yuan, or a loss of 1 fen per share, in the year-earlier period.

As of May 26, US$1 was equivalent to 6.56 yuan.