Beibu Gulf Tourism Corp. Ltd. said its normalized net income for the first quarter came to 1 fen per share, a decline of 16.6% from 2 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 3.1 million yuan, a gain of 13.1% from 2.7 million yuan in the year-earlier period.

The normalized profit margin rose to 4.9% from 3.9% in the year-earlier period.

Total revenue fell year over year to 66.8 million yuan from 69.7 million yuan, and total operating expenses declined 4.9% from the prior-year period to 60.5 million yuan from 63.6 million yuan.

Reported net income increased 22.0% year over year to 3.9 million yuan, or 2 fen per share, from 3.2 million yuan, or 2 fen per share.

As of April 25, US$1 was equivalent to 6.49 yuan.