Shenzhen Huakong Seg Co. Ltd. said its normalized net income for the first quarter came to a loss of 8.0 million yuan, compared with a loss of 5.5 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 rose to negative 42.1% from negative 64.1% in the year-earlier period.

Total revenue increased year over year to 18.8 million yuan from 8.6 million yuan, and total operating expenses rose 59.1% from the prior-year period to 33.9 million yuan from 21.3 million yuan.

Reported net income totaled a loss of 13.0 million yuan, or a loss of 1 fen per share, compared to a loss of 10.8 million yuan, or a loss of 1 fen per share, in the year-earlier period.

As of April 20, US$1 was equivalent to 6.47 yuan.