Changbai Mountain Tourism Co. Ltd. said its normalized net income for the first quarter came to a loss of 2 fen per share, compared with a loss of 2 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 7.5 million yuan, compared with a loss of 4.7 million yuan in the prior-year period.

The normalized profit margin dropped to negative 35.4% from negative 20.5% in the year-earlier period.

Total revenue fell 8.2% year over year to 21.1 million yuan from 22.9 million yuan, and total operating expenses rose 5.5% from the prior-year period to 33.1 million yuan from 31.4 million yuan.

Reported net income came to a loss of 11.9 million yuan, or a loss of 4 fen per share, compared to a loss of 7.5 million yuan, or a loss of 3 fen per share, in the year-earlier period.

As of April 25, US$1 was equivalent to 6.49 yuan.