China Auto Logistics Inc. said its normalized net income for the first quarter amounted to a loss of 45 cents per share, compared with a loss of 24 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $1.8 million, compared with a loss of $977,010 in the year-earlier period.
The normalized profit margin declined to negative 2.1% from negative 0.9% in the year-earlier period.
Total revenue decreased 18.3% on an annual basis to $87.4 million from $107.0 million, and total operating expenses declined 17.6% year over year to $88.1 million from $107.0 million.
Reported net income totaled a loss of $2.7 million, or a loss of 66 cents per share, compared to a loss of $1.3 million, or a loss of 33 cents per share, in the prior-year period.
