Guangzhou Pearl River Piano Group Co. Ltd. said its normalized net income for the first quarter came to 4 fen per share, a decrease from 4 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 34.7 million yuan, a decline of 9.1% from 38.2 million yuan in the prior-year period.
The normalized profit margin fell to 9.1% from 10.0% in the year-earlier period.
Total revenue came to 383.4 million yuan, compared with 381.3 million yuan in the prior-year period, and total operating expenses climbed from the prior-year period to 330.6 million yuan from 323.0 million yuan.
Reported net income totaled 47.0 million yuan, or 5 fen per share, compared to 50.4 million yuan, or 5 fen per share, in the year-earlier period.
As of April 24, US$1 was equivalent to 6.19 yuan.
