Zhejiang Huamei Holding CO. LTD. said its normalized net income for the first quarter amounted to a loss of 12.2 million yuan, compared with a loss of 1.4 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 fell to negative 3.6% from negative 0.5% in the year-earlier period.
Total revenue came to 282.3 million yuan, compared with 281.2 million yuan in the prior-year period, and total operating expenses increased 6.1% from the prior-year period to 299.0 million yuan from 281.9 million yuan.
Reported net income came to a loss of 14.9 million yuan, or a loss of 1 fen per share, compared to income of 239,810 yuan, or 0 fen per share, in the year-earlier period.
As of April 27, US$1 was equivalent to 6.50 yuan.