AGTech Holdings Ltd. said its first-quarter normalized net income was a loss of HK$26.9 million, compared with a loss of HK$22.8 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 138.0% from negative 47.0% in the year-earlier period.
Total revenue declined 59.9% on an annual basis to HK$19.5 million from HK$48.5 million, and total operating expenses declined 26.5% from the prior-year period to HK$64.2 million from HK$87.3 million.
Reported net income came to a loss of HK$13.8 million, or a loss of 0 cents per share, compared to a loss of HK$37.3 million, or a loss of 1 cents per share, in the year-earlier period.