Inzone Group Co. Ltd. said its first-quarter normalized net income came to 11 fen per share, a decline of 44.1% from 20 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 57.2 million yuan, a decrease of 44.1% from 102.2 million yuan in the prior-year period.

The normalized profit margin dropped to 1.6% from 2.5% in the year-earlier period.

Total revenue declined 8.0% year over year to 3.73 billion yuan from 4.06 billion yuan, and total operating expenses decreased 6.7% year over year to 3.59 billion yuan from 3.85 billion yuan.

Reported net income fell 54.5% from the prior-year period to 50.0 million yuan, or 10 fen per share, from 109.8 million yuan, or 21 fen per share.

As of April 25, US$1 was equivalent to 6.49 yuan.