Xinglong Holding (Group) Co. Ltd. said its normalized net income for the first quarter came to a loss of 6.7 million yuan, compared with a loss of 3.4 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 negative 11.7% from negative 5.9% in the year-earlier period.
Total revenue decreased 7.5% on an annual basis to 52.6 million yuan from 56.8 million yuan, and total operating expenses came to 61.4 million yuan, compared with 61.0 million yuan in the prior-year period.
Reported net income totaled a loss of 10.0 million yuan, or a loss of 2 fen per share, compared to a loss of 5.4 million yuan, or a loss of 1 fen per share, in the prior-year period.
As of April 27, US$1 was equivalent to 6.22 yuan.
