HB Global Ltd. said its first-quarter normalized net income came to a loss of 11.9 million yuan, compared with a loss of 547,750 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 declined to negative 32.7% from negative 0.8% in the year-earlier period.

Total revenue decreased 43.7% on an annual basis to 36.4 million yuan from 64.7 million yuan, and total operating expenses declined 15.6% from the prior-year period to 56.1 million yuan from 66.5 million yuan.

Reported net income came to a loss of 19.3 million yuan, or a loss of 4 fen per share, compared to a loss of 2.0 million yuan, or a loss of 0 fen per share, in the year-earlier period.

As of May 29, US$1 was equivalent to 6.20 yuan.