Sichuan Langsha Holding Ltd. said its normalized net income for the first quarter was a loss of 790,440 yuan, compared with income of 1.7 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 dropped to negative 2.2% from 2.6% in the year-earlier period.
Total revenue declined 51.5% on an annual basis to 31.7 million yuan from 65.4 million yuan, and total operating expenses decreased 47.5% from the prior-year period to 33.5 million yuan from 63.8 million yuan.
Reported net income declined 86.5% on an annual basis to 415,270 yuan, or 0 fen per share, from 3.1 million yuan, or 3 fen per share.
As of April 29, US$1 was equivalent to 6.20 yuan.
