China Gaoxian Fibre Fabric Holdings Ltd. said its normalized net income for the first quarter was a loss of 51 fen per share, compared with a loss of 39 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 57.9 million yuan, compared with a loss of 43.9 million yuan in the year-earlier period.

The normalized profit margin rose to negative 181.2% from negative 259.7% in the year-earlier period.

Total revenue increased 89.0% year over year to 32.0 million yuan from 16.9 million yuan, and total operating expenses rose 86.0% from the prior-year period to 80.6 million yuan from 43.3 million yuan.

Reported net income came to a loss of 92.7 million yuan, or a loss of 81 fen per share, compared to a loss of 70.3 million yuan, or a loss of 62 fen per share, in the prior-year period.

As of May 13, US$1 was equivalent to 6.53 yuan.