Zhejiang Yongan Rongtong Holdings Co. Ltd. said its normalized net income for the first quarter was a loss of 3.2 million yuan, compared with a loss of 2.3 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 8.1% from negative 7.6% in the year-earlier period.

Total revenue climbed 26.3% year over year to 38.9 million yuan from 30.8 million yuan, and total operating expenses increased 32.5% year over year to 38.4 million yuan from 29.0 million yuan.

Reported net income totaled a loss of 3.1 million yuan, or a loss of 0 fen per share, compared to a loss of 3.7 million yuan, or a loss of 0 fen per share, in the year-earlier period.

As of May 15, US$1 was equivalent to 6.21 yuan.