Suzhou Sushi Testing Group Co.Ltd. said its normalized net income for the first quarter was 42,460 yuan, a fall of 97.6% from 1.8 million yuan in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin fell to 0.4% from 4.5% in the year-earlier period.
Total revenue grew 42.9% year over year to 56.7 million yuan from 39.7 million yuan, and total operating expenses grew 45.2% year over year to 55.9 million yuan from 38.5 million yuan.
Reported net income came to a loss of 363,020 yuan, or a loss of 1 fen per share, compared to income of 1.8 million yuan, or 2 fen per share, in the year-earlier period.
As of April 22, US$1 was equivalent to 6.50 yuan.