XinJiang Korla Pear Co. Ltd. said its first-quarter normalized net income was a loss of 777,440 yuan, compared with a loss of 1.1 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 dropped to negative 10.8% from negative 8.4% in the year-earlier period.

Total revenue fell 47.0% on an annual basis to 7.2 million yuan from 13.6 million yuan, and total operating expenses declined 43.8% from the prior-year period to 8.7 million yuan from 15.4 million yuan.

Reported net income came to a loss of 1.2 million yuan, or a loss of 1 fen per share, compared to a loss of 1.8 million yuan, or a loss of 1 fen per share, in the prior-year period.

As of April 20, US$1 was equivalent to 6.47 yuan.