Zhejiang Prospect Company Ltd said its normalized net income for the first quarter amounted to a loss of 903,750 yuan, compared with a loss of 98,750 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 6.9% from negative 0.6% in the year-earlier period.

Total revenue declined 18.9% year over year to 13.1 million yuan from 16.2 million yuan, and total operating expenses declined 10.2% from the prior-year period to 14.6 million yuan from 16.2 million yuan.

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

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