Cornerstone Financial Holdings Ltd. said its normalized net income for the first quarter amounted to a loss of 9 Hong Kong cents per share, compared with a loss of 5 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of HK$3.5 million, compared with a loss of HK$1.8 million in the prior-year period.

The normalized profit margin dropped to negative 20.9% from negative 11.9% in the year-earlier period.

Total revenue rose 12.1% on an annual basis to HK$16.9 million from HK$15.0 million, and total operating expenses increased 13.3% from the prior-year period to HK$20.5 million from HK$18.1 million.

Reported net income came to a loss of HK$5.7 million, or a loss of 15 cents per share, compared to a loss of HK$3.0 million, or a loss of 9 cents per share, in the prior-year period.