China New Borun Corp. said its normalized net income for the first quarter was 51 fen per share, a decrease of 59.8% from 1.27 yuan per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 13.2 million yuan, a decrease of 59.8% from 32.8 million yuan in the prior-year period.

The normalized profit margin dropped to 2.3% from 5.2% in the year-earlier period.

Total revenue declined 8.8% year over year to 570.9 million yuan from 625.7 million yuan, and total operating expenses declined on an annual basis to 524.7 million yuan from 547.0 million yuan.

Reported net income decreased 59.8% year over year to 15.8 million yuan, or 61 fen per share, from 39.3 million yuan, or 1.53 yuan per share.

As of May 22, US$1 was equivalent to 6.19 yuan.