Shenzhen China Bicycle Co. (Holdings) Ltd. said its third-quarter normalized net income amounted to 1.2 million yuan, a rise from 113,100 yuan in the year-earlier period.

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

The normalized profit margin climbed to 2.3% from 0.2% in the year-earlier period.

Total revenue decreased 13.7% on an annual basis to 54.2 million yuan from 62.8 million yuan, and total operating expenses fell 18.2% year over year to 51.2 million yuan from 62.6 million yuan.

Reported net income grew from the prior-year period to 1.6 million yuan, or 0 fen per share, from 121,940 yuan, or 0 fen per share.

As of Oct. 27, US$1 was equivalent to 6.78 yuan.