Harbin High-Tech (Group) Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 1.6 million yuan, compared with a loss of 6.4 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 rose to negative 2.9% from negative 12.7% in the year-earlier period.
Total revenue declined on an annual basis to 49.3 million yuan from 50.6 million yuan, and total operating expenses declined 15.1% year over year to 50.0 million yuan from 58.9 million yuan.
Reported net income came to a loss of 2.3 million yuan, or a loss of 1 fen per share, compared to a loss of 10.9 million yuan, or a loss of 3 fen per share, in the year-earlier period.
As of April 29, US$1 was equivalent to 6.20 yuan.
