Winall Hi-tech Seed Co. Ltd. said its first-quarter normalized net income came to a loss of 773,380 yuan, compared with a loss of 358,090 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 0.9% from negative 0.4% in the year-earlier period.

Total revenue rose 6.0% on an annual basis to 94.8 million yuan from 89.4 million yuan, and total operating expenses increased 11.5% from the prior-year period to 93.4 million yuan from 83.8 million yuan.

Reported net income increased 25.4% on an annual basis to 1.9 million yuan, or 0 fen per share, from 1.5 million yuan, or 0 fen per share.

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