Jiangsu chunlan refrigerating equipment stock co.ltd. said its normalized net income for the first quarter amounted to 8 fen per share, a gain of 48.3% from 5 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 41.7 million yuan, a gain of 48.2% from 28.2 million yuan in the year-earlier period.

The normalized profit margin climbed to 106.4% from 45.2% in the year-earlier period.

Total revenue fell 36.6% year over year to 39.4 million yuan from 62.2 million yuan, and total operating expenses fell 30.0% from the prior-year period to 61.2 million yuan from 87.4 million yuan.

Reported net income rose 54.9% on an annual basis to 63.3 million yuan, or 12 fen per share, from 40.9 million yuan, or 8 fen per share.

As of April 27, US$1 was equivalent to 6.50 yuan.