Hailiang Education Group Inc. said its normalized net income for the fiscal first quarter ended Sept. 30 came to 16.3 million yuan, compared with a loss of 9.0 million 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 declined to negative 16.3% from negative 12.9% in the year-earlier period.

Total revenue grew 43.2% on an annual basis to 100.1 million yuan from 69.9 million yuan, and total operating expenses increased 49.0% on an annual basis to 128.4 million yuan from 86.2 million yuan.

Reported net income totaled a loss of 41.6 million yuan, compared with a loss of 14.5 million yuan, or a loss of 64 fen per share, in the year-earlier period.

As of Dec. 22, US$1 was equivalent to 6.48 yuan.