Shenzhen Quanxinhao Co. Ltd. said its first-quarter normalized net income was a loss of 5.6 million yuan, compared with a loss of 1.9 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 dropped to negative 81.0% from negative 6.8% in the year-earlier period.

Total revenue fell 70.3% on an annual basis to 8.2 million yuan from 27.8 million yuan, and total operating expenses fell 55.7% from the prior-year period to 13.8 million yuan from 31.1 million yuan.

Reported net income came to 7.7 million yuan, or 2 fen per share, compared to a loss of 4.9 million yuan, or a loss of 1 fen per share, in the prior-year period.

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