Liaoning Cheng Da Co. Ltd. said its normalized net income for the first quarter was 15 fen per share, a decrease of 37.8% from 24 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 229.0 million yuan, a decrease of 33.4% from 344.0 million yuan in the prior-year period.

The normalized profit margin declined to 13.1% from 22.0% in the year-earlier period.

Total revenue climbed 11.7% year over year to 1.74 billion yuan from 1.56 billion yuan, and total operating expenses rose 13.1% from the prior-year period to 1.65 billion yuan from 1.46 billion yuan.

Reported net income decreased 36.9% on an annual basis to 292.4 million yuan, or 19 fen per share, from 463.3 million yuan, or 32 fen per share.

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