Zhejiang Yongan Rongtong Holdings Co. Ltd. said its first-quarter normalized net income came to a loss of 3.1 million yuan, compared with a loss of 3.2 million 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 dropped to negative 11.3% from negative 8.1% in the year-earlier period.

Total revenue declined 28.9% year over year to 27.7 million yuan from 38.9 million yuan, and total operating expenses declined 26.4% from the prior-year period to 28.3 million yuan from 38.4 million yuan.

Reported net income totaled a loss of 5.0 million yuan, or a loss of 0 fen per share, compared to a loss of 3.1 million yuan, or a loss of 0 fen per share, in the prior-year period.

As of May 13, US$1 was equivalent to 6.53 yuan.