Anhui Conch Cement Co. Ltd. said its normalized net income for the first quarter came to 22 fen per share, compared with the S&P Capital IQ consensus estimate of 28 fen per share.

EPS decreased 40.7% year over year from 37 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.19 billion yuan, a decline of 39.7% from 1.97 billion yuan in the year-earlier period.

The normalized profit margin dropped to 11.7% from 15.6% in the year-earlier period.

Total revenue decreased 11.1% on an annual basis to 11.23 billion yuan from 12.63 billion yuan, and total operating expenses totaled 9.25 billion yuan, compared with 9.30 billion yuan in the prior-year period.

Reported net income decreased 30.7% year over year to 1.71 billion yuan, or 32 fen per share, from 2.47 billion yuan, or 47 fen per share.

As of April 28, US$1 was equivalent to 6.20 yuan.