Shenzhen Shenbao Industrial Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 2.5 million yuan, compared with a loss of 6.2 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 3.4% from negative 10.4% in the year-earlier period.

Total revenue climbed 21.7% year over year to 72.6 million yuan from 59.6 million yuan, and total operating expenses climbed 14.3% year over year to 83.8 million yuan from 73.3 million yuan.

Reported net income came to a loss of 6.2 million yuan, or a loss of 1 fen per share, compared to a loss of 9.5 million yuan, or a loss of 2 fen per share, in the prior-year period.

As of April 25, US$1 was equivalent to 6.49 yuan.