Jinzi Ham Co.Ltd. said its normalized net income for the first quarter amounted to 6.6 million yuan, a decrease of 17.4% from 8.0 million yuan in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin climbed to 11.4% from 9.8% in the year-earlier period.
Total revenue decreased 21.3% on an annual basis to 64.4 million yuan from 81.8 million yuan, and total operating expenses fell 18.8% year over year to 57.5 million yuan from 70.8 million yuan.
Reported net income increased on an annual basis to 12.2 million yuan, or 2 fen per share, from 12.1 million yuan, or 1 fen per share.
As of April 19, US$1 was equivalent to 6.46 yuan.