Shanghai Fenghwa Group Co. Ltd. said its normalized net income for the first quarter amounted to 1.1 million yuan, a decrease of 60.3% from 2.7 million 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 declined to 4.4% from 14.6% in the year-earlier period.

Total revenue climbed 31.2% year over year to 23.8 million yuan from 18.1 million yuan, and total operating expenses rose 20.1% from the prior-year period to 21.8 million yuan from 18.2 million yuan.

Reported net income decreased 58.3% year over year to 1.6 million yuan, or 1 fen per share, from 3.8 million yuan, or 2 fen per share.

As of April 27, US$1 was equivalent to 6.50 yuan.