Renrenle Commercial Group Co. Ltd. said its normalized net income for the first quarter amounted to 5 fen per share, a decline of 55.5% from 10 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 18.6 million yuan, a decrease of 55.5% from 41.8 million yuan in the prior-year period.

The normalized profit margin declined to 0.7% from 1.3% in the year-earlier period.

Total revenue declined 7.4% on an annual basis to 2.98 billion yuan from 3.21 billion yuan, and total operating expenses decreased 6.4% from the prior-year period to 2.95 billion yuan from 3.15 billion yuan.

Reported net income decreased 52.8% on an annual basis to 20.7 million yuan, or 5 fen per share, from 43.9 million yuan, or 11 fen per share.

As of April 29, US$1 was equivalent to 6.48 yuan.