Tianjin Faw Xiali Automobile Co.Ltd. said its normalized net income for the first quarter came to a loss of 7 fen per share, compared with a loss of 10 fen 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 107.1 million yuan, compared with a loss of 160.7 million yuan in the prior-year period.

The normalized profit margin fell to negative 18.6% from negative 13.7% in the year-earlier period.

Total revenue declined 52.2% on an annual basis to 559.7 million yuan from 1.17 billion yuan, and total operating expenses declined 43.0% on an annual basis to 850.5 million yuan from 1.49 billion yuan.

Reported net income came to a loss of 166.9 million yuan, or a loss of 10 fen per share, compared to a loss of 257.2 million yuan, or a loss of 16 fen per share, in the prior-year period.

As of April 29, US$1 was equivalent to 6.48 yuan.