China Automobile Parts Holdings Ltd. said its first-quarter normalized net income came to 6.6 million yuan, a decline of 60.3% from 16.6 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 11.9% from 14.7% in the year-earlier period.

Total revenue fell 50.9% on an annual basis to 55.3 million yuan from 112.7 million yuan, and total operating expenses fell 47.6% from the prior-year period to 45.1 million yuan from 86.1 million yuan.

Reported net income fell 60.1% from the prior-year period to 7.9 million yuan, or 1 fen per share, from 19.8 million yuan, or 2 fen per share.

As of May 31, US$1 was equivalent to 6.58 yuan.