Yunnan Hongxiang Yixintang Pharmaceutical Co. Ltd. said its normalized net income for the first quarter came to 13 fen per share, a decline of 16.2% from 15 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 65.4 million yuan, a decrease of 16.1% from 78.0 million yuan in the prior-year period.

The normalized profit margin declined to 4.5% from 6.5% in the year-earlier period.

Total revenue rose 23.2% on an annual basis to 1.48 billion yuan from 1.20 billion yuan, and total operating expenses increased 26.7% year over year to 1.37 billion yuan from 1.08 billion yuan.

Reported net income grew 16.8% year over year to 105.8 million yuan, or 20 fen per share, from 90.6 million yuan, or 17 fen per share.

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