Hailun Piano Co. Ltd. said its first-quarter normalized net income was 3 fen per share, an increase of 20.1% 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 6.9 million yuan, a gain of 25.0% from 5.5 million yuan in the prior-year period.

The normalized profit margin climbed to 8.3% from 6.4% in the year-earlier period.

Total revenue declined on an annual basis to 82.9 million yuan from 85.9 million yuan, and total operating expenses totaled 75.9 million yuan, compared with 75.7 million yuan in the year-earlier period.

Reported net income grew 31.2% from the prior-year period to 9.0 million yuan, or 4 fen per share, from 6.8 million yuan, or 3 fen per share.

As of April 25, US$1 was equivalent to 6.49 yuan.