Qingdao Kingking Applied Chemistry Co. Ltd. said its normalized net income for the first quarter came to 8.0 million yuan, an increase from 2.4 million 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 4.5% from 1.3% in the year-earlier period.
Total revenue decreased 6.5% on an annual basis to 178.1 million yuan from 190.5 million yuan, and total operating expenses fell 17.9% from the prior-year period to 152.3 million yuan from 185.4 million yuan.
Reported net income grew 88.3% on an annual basis to 10.3 million yuan, or 3 fen per share, from 5.5 million yuan, or 2 fen per share.
As of April 24, US$1 was equivalent to 6.19 yuan.
