Zhejiang Ming Jewelry Co. Ltd. said its first-quarter normalized net income came to 8 fen per share, a decrease of 57.7% from 18 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 41.2 million yuan, a decline of 56.9% from 95.6 million yuan in the year-earlier period.
The normalized profit margin fell to 2.1% from 3.4% in the year-earlier period.
Total revenue declined 28.6% on an annual basis to 2.02 billion yuan from 2.83 billion yuan, and total operating expenses fell 27.5% from the prior-year period to 1.93 billion yuan from 2.67 billion yuan.
Reported net income decreased 46.0% from the prior-year period to 48.8 million yuan, or 9 fen per share, from 90.5 million yuan, or 17 fen per share.
As of April 24, US$1 was equivalent to 6.19 yuan.
