Hailun Piano Co. Ltd. said its normalized net income for the third quarter amounted to 3 fen per share, a decrease of 10.8% from 3 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 6.7 million yuan, a decline of 7.1% from 7.2 million yuan in the prior-year period.
The normalized profit margin dropped to 6.7% from 7.9% in the year-earlier period.
Total revenue increased 9.4% on an annual basis to 100.3 million yuan from 91.7 million yuan, and total operating expenses increased 17.7% from the prior-year period to 96.6 million yuan from 82.0 million yuan.
Reported net income decreased 6.5% year over year to 8.4 million yuan, or 3 fen per share, from 9.0 million yuan, or 4 fen per share.
As of Oct. 26, US$1 was equivalent to 6.77 yuan.