Kairuide Holding Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 4 fen per share, compared with a loss of 6 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 7.8 million yuan, compared with a loss of 10.5 million yuan in the prior-year period.

The normalized profit margin fell to negative 187.9% from negative 36.6% in the year-earlier period.

Total revenue decreased 85.5% year over year to 4.2 million yuan from 28.7 million yuan, and total operating expenses fell 74.8% on an annual basis to 9.4 million yuan from 37.2 million yuan.

Reported net income totaled a loss of 11.4 million yuan, or a loss of 7 fen per share, compared to a loss of 16.8 million yuan, or a loss of 10 fen per share, in the prior-year period.

As of April 25, US$1 was equivalent to 6.49 yuan.