China Jishan Holdings Ltd said its first-quarter normalized net income was a loss of 1.8 million yuan, compared with a loss of 6.7 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 increased to negative 9.1% from negative 11.5% in the year-earlier period.

Total revenue decreased 66.8% on an annual basis to 19.3 million yuan from 58.2 million yuan, and total operating expenses decreased 73.0% year over year to 17.0 million yuan from 63.2 million yuan.

Reported net income totaled a loss of 2.6 million yuan, or a loss of 1 fen per share, compared to income of 61.0 million yuan, or 20 fen per share, in the prior-year period.

As of May 12, US$1 was equivalent to 6.51 yuan.