Ningbo Xianfeng New Material Co. Ltd. said its first-quarter normalized net income came to 2.3 million yuan, a decline of 57.0% from 5.4 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 fell to 1.6% from 9.2% in the year-earlier period.
Total revenue grew on an annual basis to 177.5 million yuan from 58.2 million yuan, and total operating expenses climbed from the prior-year period to 171.3 million yuan from 50.7 million yuan.
Reported net income declined 63.7% from the prior-year period to 2.4 million yuan, or 1 fen per share, from 6.6 million yuan, or 1 fen per share.
As of April 24, US$1 was equivalent to 6.19 yuan.
