Zhejiang Dehong Automotive Electronic & Electrical Co. Ltd. said its normalized net income for the first quarter amounted to 13 fen per share, an increase of 6.1% from 13 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 11.8 million yuan, a gain of 5.9% from 11.1 million yuan in the prior-year period.

The normalized profit margin rose to 11.9% from 10.1% in the year-earlier period.

Total revenue declined 7.5% year over year to 101.5 million yuan from 109.8 million yuan, and total operating expenses declined 10.1% from the prior-year period to 83.2 million yuan from 92.5 million yuan.

Reported net income increased 8.1% on an annual basis to 15.4 million yuan, or 17 fen per share, from 14.2 million yuan, or 16 fen per share.

As of April 27, US$1 was equivalent to 6.50 yuan.