Tianshui Zhongxing Bio-technology Co. Ltd. said its first-quarter normalized net income was 16 fen per share, a gain of 28.0% from 13 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 52.2 million yuan, a gain of 78.6% from 29.3 million yuan in the year-earlier period.

The normalized profit margin increased to 29.2% from 22.6% in the year-earlier period.

Total revenue rose 41.1% on an annual basis to 182.7 million yuan from 129.5 million yuan, and total operating expenses climbed 21.7% on an annual basis to 97.4 million yuan from 80.0 million yuan.

Reported net income rose 85.1% on an annual basis to 86.3 million yuan, or 27 fen per share, from 46.6 million yuan, or 20 fen per share.

As of April 22, US$1 was equivalent to 6.50 yuan.