China Sports International Ltd. said its first-quarter normalized net income amounted to 4.5 million yuan, a fall of 58.5% from 10.8 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 4.3% from 5.9% in the year-earlier period.

Total revenue decreased 43.6% year over year to 103.5 million yuan from 183.5 million yuan, and total operating expenses fell 42.5% from the prior-year period to 95.2 million yuan from 165.6 million yuan.

Reported net income declined 30.6% year over year to 8.9 million yuan, or 1 fen per share, from 12.8 million yuan, or 1 fen per share.

As of May 15, US$1 was equivalent to 6.21 yuan.