Tibet Galaxy Science & Technology Development Co. Ltd. said its first-quarter normalized net income came to 2.2 million yuan, a fall of 23.3% from 2.9 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 2.3% from 2.8% in the year-earlier period.

Total revenue declined 5.1% year over year to 97.0 million yuan from 102.3 million yuan, and total operating expenses declined from the prior-year period to 83.7 million yuan from 85.3 million yuan.

Reported net income fell 44.1% year over year to 3.7 million yuan, or 1 fen per share, from 6.6 million yuan, or 2 fen per share.

As of April 26, US$1 was equivalent to 6.50 yuan.