Hangzhou Great Star Industrial Co. Ltd. said its normalized net income for the first quarter came to 7 fen per share, a decline of 10.4% from 8 fen per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 67.6 million yuan, a decrease of 15.0% from 79.5 million yuan in the year-earlier period.
The normalized profit margin dropped to 10.7% from 14.7% in the year-earlier period.
Total revenue increased 17.4% on an annual basis to 634.2 million yuan from 540.1 million yuan, and total operating expenses increased 21.6% from the prior-year period to 548.4 million yuan from 451.2 million yuan.
Reported net income came to 86.8 million yuan, or 9 fen per share, compared to 91.5 million yuan, or 9 fen per share, in the prior-year period.
As of April 28, US$1 was equivalent to 6.20 yuan.
