Ahsay Backup Software Development Company Ltd. said its normalized net income for the first quarter was a loss of HK$528,130, compared with income of HK$2.4 million 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 4.2% from 17.1% in the year-earlier period.

Total revenue decreased 11.0% year over year to HK$12.7 million from HK$14.2 million, and total operating expenses climbed 41.4% on an annual basis to HK$13.6 million from HK$9.6 million.

Reported net income came to a loss of HK$704,000, or a loss of 0 cents per share, compared to income of HK$3.2 million, or 0 cents per share, in the year-earlier period.