New Western Group Ltd. said its normalized net income for the first quarter was a loss of HK$253,130, compared with a loss of HK$1.3 million 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 3.0% from negative 12.4% in the year-earlier period.
Total revenue declined 16.1% year over year to HK$8.5 million from HK$10.2 million, and total operating expenses decreased 26.5% on an annual basis to HK$8.9 million from HK$12.1 million.
Reported net income totaled a loss of HK$405,000, or a loss of 0 cents per share, compared to a loss of HK$2.0 million, or a loss of 1 cents per share, in the year-earlier period.