Zhejiang Furun Co. Ltd. said its normalized net income for the first quarter was 1.0 million yuan, a rise of 35.9% from 745,930 yuan in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin climbed to 0.5% from 0.3% in the year-earlier period.
Total revenue decreased 17.9% on an annual basis to 197.9 million yuan from 240.9 million yuan, and total operating expenses decreased 17.6% from the prior-year period to 187.0 million yuan from 227.1 million yuan.
Reported net income came to 1.1 million yuan, or 0 fen per share, compared to 1.1 million yuan, or 0 fen per share, in the year-earlier period.
As of April 27, US$1 was equivalent to 6.22 yuan.
