Tibet Galaxy Science & Technology Development Co. Ltd. said its normalized net income for the third quarter came to 630,730 yuan, a decrease of 63.4% from 1.7 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 dropped to 0.6% from 1.7% in the year-earlier period.

Total revenue decreased on an annual basis to 98.4 million yuan from 102.3 million yuan, and total operating expenses declined on an annual basis to 83.5 million yuan from 85.0 million yuan.

Reported net income declined 42.9% from the prior-year period to 1.6 million yuan, or 1 fen per share, from 2.9 million yuan, or 1 fen per share.

As of Oct. 27, US$1 was equivalent to 6.78 yuan.