Wanhua Chemical Group Co. Ltd. said its normalized net income for the first quarter came to 13 fen per share, a decrease of 44.4% from 23 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 326.2 million yuan, a decline of 44.7% from 589.7 million yuan in the year-earlier period.
The normalized profit margin declined to 7.4% from 11.5% in the year-earlier period.
Total revenue fell 11.7% on an annual basis to 4.54 billion yuan from 5.14 billion yuan, and total operating expenses declined 6.9% from the prior-year period to 3.63 billion yuan from 3.90 billion yuan.
Reported net income fell 37.4% on an annual basis to 470.9 million yuan, or 18 fen per share, from 752.6 million yuan, or 29 fen per share.
As of April 10, US$1 was equivalent to 6.20 yuan.