K-Star Sports Ltd said its first-quarter normalized net income was a loss of 2 fen per share, compared with a loss of 2 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 5.4 million yuan, compared with a loss of 4.4 million yuan in the year-earlier period.

The normalized profit margin fell to negative 8.4% from negative 6.4% in the year-earlier period.

Total revenue decreased 6.7% year over year to 63.8 million yuan from 68.3 million yuan, and total operating expenses decreased from the prior-year period to 72.1 million yuan from 75.1 million yuan.

Reported net income came to a loss of 8.6 million yuan, or a loss of 3 fen per share, compared to a loss of 7.0 million yuan, or a loss of 3 fen per share, in the year-earlier period.

As of May 22, US$1 was equivalent to 6.19 yuan.