Chongqing Zongshen Power Machinery Co. Ltd. said its normalized net income for the first quarter amounted to 6 fen per share, a decline of 12.0% from 7 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 65.9 million yuan, a decline of 12.0% from 74.9 million yuan in the prior-year period.
The normalized profit margin dropped to 6.3% from 6.8% in the year-earlier period.
Total revenue decreased on an annual basis to 1.08 billion yuan from 1.10 billion yuan, and total operating expenses declined year over year to 949.5 million yuan from 959.4 million yuan.
Reported net income increased year over year to 91.9 million yuan, or 8 fen per share, from 87.6 million yuan, or 8 fen per share.
As of April 24, US$1 was equivalent to 6.19 yuan.
