HB Global Ltd. said its normalized net income for the first quarter was a loss of 2 fen per share, compared with a loss of 3 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 11.4 million yuan, compared with a loss of 11.9 million yuan in the year-earlier period.

The normalized profit margin declined to negative 47.7% from negative 32.7% in the year-earlier period.

Total revenue fell 34.2% on an annual basis to 24.0 million yuan from 36.4 million yuan, and total operating expenses decreased 32.1% year over year to 38.1 million yuan from 56.1 million yuan.

Reported net income totaled a loss of 18.3 million yuan, or a loss of 4 fen per share, compared to a loss of 19.3 million yuan, or a loss of 4 fen per share, in the prior-year period.

As of May 25, US$1 was equivalent to 6.56 yuan.