Huaiji Dengyun Auto-Parts (Holding) Co. Ltd. said its first-quarter normalized net income came to 469,300 yuan, a fall of 92.4% from 6.2 million yuan in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to 1.0% from 7.9% in the year-earlier period.
Total revenue decreased 18.0% year over year to 63.9 million yuan from 77.9 million yuan, and total operating expenses fell 6.9% year over year to 60.1 million yuan from 64.5 million yuan.
Reported net income fell 94.2% on an annual basis to 437,170 yuan, or 0 fen per share, from 7.5 million yuan, or 8 fen per share.
As of April 22, US$1 was equivalent to 6.19 yuan.
