Hunan Copote Science Technology Co.Ltd. said its first-quarter normalized net income was a loss of 2 fen per share, compared with a loss of 2 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 3.7 million yuan, compared with a loss of 2.7 million yuan in the year-earlier period.

The normalized profit margin dropped to negative 8.5% from negative 6.8% in the year-earlier period.

Total revenue declined year over year to 38.4 million yuan from 39.6 million yuan, and total operating expenses declined year over year to 43.0 million yuan from 43.6 million yuan.

Reported net income totaled a loss of 5.3 million yuan, or a loss of 3 fen per share, compared to a loss of 4.3 million yuan, or a loss of 3 fen per share, in the prior-year period.

As of April 25, US$1 was equivalent to 6.49 yuan.