China Online Education Group said its first-quarter normalized net income came to a loss of 12.83 yuan per share, compared with a loss of 6.66 yuan 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 61.8 million yuan, compared with a loss of 32.1 million yuan in the year-earlier period.

The normalized profit margin climbed to negative 85.6% from negative 131.6% in the year-earlier period.

Total revenue increased on an annual basis to 72.2 million yuan from 24.4 million yuan, and total operating expenses grew on an annual basis to 172.8 million yuan from 75.4 million yuan.

Reported net income totaled a loss of 149.1 million yuan, or a loss of 30.94 yuan per share, compared to a loss of 65.1 million yuan, or a loss of 13.51 yuan per share, in the prior-year period.

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