Xinglong Holding (Group) Co. Ltd. said its normalized net income for the first quarter was a loss of 4.8 million yuan, compared with a loss of 6.2 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 2.1% from negative 11.7% in the year-earlier period.

Total revenue increased 79.1% on an annual basis to 94.1 million yuan from 52.6 million yuan, and total operating expenses grew 61.6% on an annual basis to 99.2 million yuan from 61.4 million yuan.

Reported net income totaled a loss of 8.0 million yuan, or a loss of 2 fen per share, compared to a loss of 10.0 million yuan, or a loss of 2 fen per share, in the year-earlier period.

As of April 27, US$1 was equivalent to 6.50 yuan.