China Vanguard You Champion Holdings Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to a loss of HK$5.1 million, compared with income of HK$232,500 in the year-earlier period.

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

The normalized profit margin fell to negative 29.5% from 1.2% in the year-earlier period.

Total revenue decreased 13.0% on an annual basis to HK$17.3 million from HK$19.9 million, and total operating expenses rose 14.1% year over year to HK$23.6 million from HK$20.7 million.

Reported net income totaled a loss of HK$7.6 million, or a loss of 0 cents per share, compared to income of HK$3.6 million, or 0 cents per share, in the year-earlier period.