Cacola Furniture International Ltd said its normalized net income for the first quarter came to a loss of 1.5 million yuan, compared with a loss of 6.9 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 negative 26.2% from negative 108.0% in the year-earlier period.
Total revenue declined 12.2% year over year to 5.6 million yuan from 6.4 million yuan, and total operating expenses decreased 55.0% on an annual basis to 7.8 million yuan from 17.4 million yuan.
Reported net income totaled a loss of 2.3 million yuan, or a loss of 0 fen per share, compared to a loss of 11.0 million yuan, or a loss of 3 fen per share, in the prior-year period.
As of May 13, US$1 was equivalent to 6.20 yuan.
