Zoneco Group Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 8.9 million yuan, compared with a loss of 6.6 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 increased to negative 0.8% from negative 1.1% in the year-earlier period.

Total revenue came to 633.1 million yuan, compared with 626.9 million yuan in the year-earlier period, and total operating expenses decreased from the prior-year period to 613.1 million yuan from 640.5 million yuan.

Reported net income came to a loss of 9.2 million yuan, or a loss of 1 fen per share, compared to a loss of 9.4 million yuan, or a loss of 1 fen per share, in the year-earlier period.

As of April 29, US$1 was equivalent to 6.48 yuan.