Suzhou Jinfu Technology Co. Ltd. said its first-quarter normalized net income came to a loss of 10.4 million yuan, compared with a loss of 7.6 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 fell to negative 1.8% from negative 1.2% in the year-earlier period.

Total revenue fell 28.7% year over year to 459.2 million yuan from 643.7 million yuan, and total operating expenses fell 27.5% from the prior-year period to 477.1 million yuan from 658.0 million yuan.

Reported net income totaled a loss of 13.6 million yuan, or a loss of 2 fen per share, compared to a loss of 11.7 million yuan, or a loss of 1 fen per share, in the prior-year period.

As of April 22, US$1 was equivalent to 6.50 yuan.