Kingold Jewelry Inc. said its first-quarter normalized net income amounted to 8 cents per share, a decrease of 63.9% from 22 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $5.4 million, a decrease of 64.3% from $15.0 million in the year-earlier period.

The normalized profit margin declined to 2.6% from 4.9% in the year-earlier period.

Total revenue decreased 32.9% on an annual basis to $206.2 million from $307.5 million, and total operating expenses declined 30.2% year over year to $197.3 million from $282.8 million.

Reported net income declined 61.9% year over year to $6.6 million, or 10 cents per share, from $17.3 million, or 26 cents per share.