Shanghai Worth Garden Products Co. Ltd. said its normalized net income for the third quarter was a loss of 51,960 yuan, compared with a loss of 1.6 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 rose to negative 0.1% from negative 2.8% in the year-earlier period.

Total revenue declined 26.8% year over year to 40.7 million yuan from 55.6 million yuan, and total operating expenses fell 25.2% from the prior-year period to 45.1 million yuan from 60.2 million yuan.

Reported net income totaled a loss of 6,050 yuan, or a loss of 0 fen per share, compared to a loss of 3.7 million yuan, or a loss of 7 fen per share, in the prior-year period.

As of Oct. 27, US$1 was equivalent to 6.78 yuan.