Tianjin Hi-Tech Development Co.Ltd. said its normalized net income for the first quarter was a loss of 12.0 million yuan, compared with a loss of 2.9 million yuan 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 2.9% from negative 1.3% in the year-earlier period.

Total revenue grew 84.6% year over year to 403.4 million yuan from 218.6 million yuan, and total operating expenses increased 90.8% on an annual basis to 406.2 million yuan from 212.9 million yuan.

Reported net income came to a loss of 19.3 million yuan, or a loss of 3 fen per share, compared to a loss of 3.8 million yuan, or a loss of 1 fen per share, in the year-earlier period.

As of April 28, US$1 was equivalent to 6.48 yuan.