Guangdong Qunxing Toys Joint-Stock Co. Ltd. said its normalized net income for the first quarter came to 2.1 million yuan, a decrease of 35.7% from 3.2 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 declined to 2.8% from 4.6% in the year-earlier period.

Total revenue decreased 8.5% on an annual basis to 64.9 million yuan from 70.9 million yuan, and total operating expenses declined 9.4% year over year to 63.1 million yuan from 69.7 million yuan.

Reported net income declined 32.3% year over year to 2.9 million yuan, or 0 fen per share, from 4.2 million yuan, or 1 fen per share.

As of April 27, US$1 was equivalent to 6.50 yuan.