Shanghai Haixin Group Co. Ltd. said its normalized net income for the first quarter amounted to 10.6 million yuan, compared with a loss of 9.6 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 6.2% from negative 4.9% in the year-earlier period.
Total revenue decreased 5.6% on an annual basis to 182.7 million yuan from 193.6 million yuan, and total operating expenses declined 6.1% on an annual basis to 209.1 million yuan from 222.7 million yuan.
Reported net income totaled 14.3 million yuan, or 1 fen per share, compared to a loss of 21.8 million yuan, or a loss of 2 fen per share, in the prior-year period.
As of April 30, US$1 was equivalent to 6.20 yuan.
