Seamless Green China (Holdings) Ltd said its normalized net income for the first quarter came to a loss of HK$1.6 million, compared with a loss of HK$923,130 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 72.4% from negative 30.6% in the year-earlier period.

Total revenue declined 27.4% on an annual basis to HK$2.2 million from HK$3.0 million, and total operating expenses grew from the prior-year period to HK$4.8 million from HK$2.2 million.

Reported net income came to a loss of HK$2.5 million, or a loss of 0 cents per share, compared to a loss of HK$1.5 million, or a loss of 0 cents per share, in the year-earlier period.