Vodatel Networks Holdings Ltd. said its first-quarter normalized net income was a loss of HK$4.2 million, compared with a loss of HK$6.6 million in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin increased to negative 6.8% from negative 7.7% in the year-earlier period.
Total revenue decreased 27.3% on an annual basis to HK$61.8 million from HK$85.0 million, and total operating expenses fell 27.1% from the prior-year period to HK$70.9 million from HK$97.2 million.
Reported net income totaled a loss of HK$7.4 million, or a loss of 1 cents per share, compared to a loss of HK$10.9 million, or a loss of 2 cents per share, in the year-earlier period.