Zhejiang Prospect Company Ltd said its normalized net income for the first quarter was a loss of 98,750 yuan, compared with a loss of 875,000 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 increased to negative 0.6% from negative 5.4% in the year-earlier period.

Total revenue came to 16.2 million yuan, compared with 16.3 million yuan in the year-earlier period, and total operating expenses fell 7.5% on an annual basis to 16.2 million yuan from 17.6 million yuan.

Reported net income totaled a loss of 158,000 yuan, or a loss of 0 fen per share, compared to a loss of 1.4 million yuan, or a loss of 2 fen per share, in the year-earlier period.

As of May 12, US$1 was equivalent to 6.21 yuan.