Lawton Development Co. Ltd. said its first-quarter normalized net income came to a loss of 3.4 million yuan, compared with a loss of 3.6 million 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 rose to negative 20.2% from negative 35.4% in the year-earlier period.

Total revenue increased 67.1% year over year to 16.8 million yuan from 10.0 million yuan, and total operating expenses increased 30.2% on an annual basis to 25.7 million yuan from 19.7 million yuan.

Reported net income totaled a loss of 6.9 million yuan, or a loss of 2 fen per share, compared to a loss of 5.6 million yuan, or a loss of 1 fen per share, in the prior-year period.

As of April 28, US$1 was equivalent to 6.48 yuan.