Heng Xin China Holdings Ltd. said its normalized net income for the first quarter came to a loss of HK$9.5 million, compared with a loss of HK$11.9 million in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin rose to negative 248.7% from negative 278.8% in the year-earlier period.
Total revenue fell 12.0% on an annual basis to HK$3.7 million from HK$4.3 million, and total operating expenses fell 24.6% on an annual basis to HK$16.6 million from HK$22.0 million.
Reported net income came to a loss of HK$15.5 million, or a loss of 0 cents per share, compared to a loss of HK$18.9 million, or a loss of 0 cents per share, in the prior-year period.