Zhejiang Tiancheng Controls Co. Ltd. said its normalized net income for the first quarter came to 2 fen per share, a decline of 44.7% from 3 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 3.1 million yuan, a decrease of 27.8% from 4.3 million yuan in the year-earlier period.

The normalized profit margin declined to 6.4% from 6.8% in the year-earlier period.

Total revenue increased 9.1% on an annual basis to 68.7 million yuan from 63.0 million yuan, and total operating expenses increased 16.8% year over year to 65.2 million yuan from 55.8 million yuan.

Reported net income declined on an annual basis to 5.8 million yuan, or 3 fen per share, from 5.9 million yuan, or 4 fen per share.

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