Hubei Wuchangyu Co. Ltd. said its first-quarter normalized net income was a loss of 3.3 million yuan, compared with a loss of 1.4 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 fell to negative 64.7% from negative 26.5% in the year-earlier period.

Total revenue decreased on an annual basis to 5.2 million yuan from 5.4 million yuan, and total operating expenses climbed 34.1% year over year to 5.7 million yuan from 4.3 million yuan.

Reported net income came to a loss of 5.3 million yuan, or a loss of 1 fen per share, compared to a loss of 2.8 million yuan, or a loss of 1 fen per share, in the prior-year period.

As of April 19, US$1 was equivalent to 6.46 yuan.