Qiaqia Food Co. Ltd. said its normalized net income for the first quarter was 15 fen per share, an increase of 30.8% from 11 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 76.9 million yuan, an increase of 30.6% from 58.9 million yuan in the year-earlier period.

The normalized profit margin rose to 9.1% from 7.7% in the year-earlier period.

Total revenue increased 13.0% year over year to 860.9 million yuan from 761.7 million yuan, and total operating expenses increased 10.1% from the prior-year period to 744.3 million yuan from 675.9 million yuan.

Reported net income grew 38.3% from the prior-year period to 93.2 million yuan, or 18 fen per share, from 67.4 million yuan, or 13 fen per share.

As of April 26, US$1 was equivalent to 6.50 yuan.