Oceanus Group Ltd said its normalized net income for the first quarter was a loss of 8.9 million yuan, compared with a loss of 38.1 million yuan in the prior-year period.

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

The normalized profit margin was 166.3%.

Total revenue grew year over year to 410,000 yuan from 140,000 yuan, and total operating expenses fell 23.7% year over year to 16.2 million yuan from 21.2 million yuan.

Reported net income came to a loss of 14.2 million yuan, or a loss of 0 fen per share, compared to a loss of 61.2 million yuan, or a loss of 2 fen per share, in the year-earlier period.

As of May 13, US$1 was equivalent to 6.53 yuan.