Gansu Huangtai Wine-Marketing Industry Co. Ltd. said its normalized net income for the first quarter was a loss of 1 fen per share, compared with a loss of 1 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 2.2 million yuan, compared with a loss of 1.6 million yuan in the year-earlier period.

The normalized profit margin increased to negative 6.7% from negative 8.9% in the year-earlier period.

Total revenue rose 66.2% on an annual basis to 30.4 million yuan from 18.3 million yuan, and total operating expenses climbed 68.0% on an annual basis to 30.1 million yuan from 17.9 million yuan.

Reported net income came to a loss of 3.8 million yuan, or a loss of 2 fen per share, compared to a loss of 2.9 million yuan, or a loss of 2 fen per share, in the prior-year period.

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