Ogawa Smart Healthcare Technology Group Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 5.0 million yuan, compared with a loss of 5.3 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 rose to 0.6% from negative 0.9% in the year-earlier period.

Total revenue decreased on an annual basis to 549.9 million yuan from 563.0 million yuan, and total operating expenses declined on an annual basis to 551.1 million yuan from 577.2 million yuan.

Reported net income increased 33.2% from the prior-year period to 2.1 million yuan, or 0 fen per share, from 1.6 million yuan, or 0 fen per share.

As of April 21, US$1 was equivalent to 6.48 yuan.