Geeya Technology Co. Ltd. said its normalized net income for the first quarter amounted to 1.2 million yuan, a decline of 75.9% from 4.8 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 declined to 3.9% from 6.2% in the year-earlier period.

Total revenue declined 31.5% year over year to 53.5 million yuan from 78.1 million yuan, and total operating expenses declined 34.7% from the prior-year period to 51.8 million yuan from 79.4 million yuan.

Reported net income decreased 78.0% on an annual basis to 1.7 million yuan, or 0 fen per share, from 7.7 million yuan, or 2 fen per share.

As of April 29, US$1 was equivalent to 6.48 yuan.