Zhejiang Qianjiang Motorcycle Co. Ltd. said its first-quarter normalized net income was 10 fen per share, an increase from 2 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 43.9 million yuan, a gain from 12.5 million yuan in the year-earlier period.

The normalized profit margin rose to 9.1% from 2.1% in the year-earlier period.

Total revenue fell 14.2% on an annual basis to 502.3 million yuan from 585.6 million yuan, and total operating expenses decreased 10.5% from the prior-year period to 517.9 million yuan from 578.8 million yuan.

Reported net income increased on an annual basis to 43.4 million yuan, or 10 fen per share, from 6.3 million yuan, or 1 fen per share.

As of April 29, US$1 was equivalent to 6.48 yuan.