Directel Holdings Ltd. said its normalized net income for the first quarter was a loss of HK$3.8 million, compared with a loss of HK$4.0 million 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 255.5% from negative 86.3% in the year-earlier period.
Total revenue decreased 67.7% year over year to HK$1.5 million from HK$4.6 million, and total operating expenses decreased 21.9% on an annual basis to HK$8.7 million from HK$11.2 million.
Reported net income totaled a loss of HK$6.1 million, or a loss of 0 cents per share, compared to a loss of HK$6.3 million, or a loss of 0 cents per share, in the year-earlier period.