Chinese Food and Beverage Group Ltd said its normalized net income for the first quarter amounted to a loss of 5 Hong Kong cents per share, compared with a loss of 7 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 HK$13.3 million, compared with a loss of HK$18.8 million in the prior-year period.

The normalized profit margin rose to negative 77.8% from negative 161.6% in the year-earlier period.

Total revenue grew 46.2% on an annual basis to HK$17.0 million from HK$11.7 million, and total operating expenses increased 20.7% year over year to HK$28.8 million from HK$23.9 million.

Reported net income totaled a loss of HK$14.7 million, or a loss of 6 cents per share, compared to a loss of HK$24.2 million, or a loss of 9 cents per share, in the year-earlier period.