Yantai Tayho Advanced Materials Co. Ltd. said its first-quarter normalized net income came to 2 fen per share, a decline of 61.9% from 6 fen per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 15.9 million yuan, a decline of 58.4% from 38.1 million yuan in the prior-year period.
The normalized profit margin declined to 4.7% from 9.5% in the year-earlier period.
Total revenue decreased 13.6% on an annual basis to 348.7 million yuan from 403.4 million yuan, and total operating expenses fell 7.1% year over year to 313.6 million yuan from 337.6 million yuan.
Reported net income decreased 56.3% from the prior-year period to 22.1 million yuan, or 3 fen per share, from 50.7 million yuan, or 8 fen per share.
As of April 28, US$1 was equivalent to 6.20 yuan.
