Wuhan Zhongnan Commercial Group Co. Ltd. said its first-quarter normalized net income came to 5 fen per share, a gain of 21.3% from 4 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 11.2 million yuan, an increase of 20.4% from 9.3 million yuan in the prior-year period.

The normalized profit margin increased to 1.0% from 0.8% in the year-earlier period.

Total revenue declined 7.1% on an annual basis to 1.13 billion yuan from 1.21 billion yuan, and total operating expenses declined 7.7% year over year to 1.08 billion yuan from 1.17 billion yuan.

Reported net income rose 38.9% from the prior-year period to 16.5 million yuan, or 7 fen per share, from 11.9 million yuan, or 5 fen per share.

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