Beijing Dabeinong Technology Group Co. Ltd. said its normalized net income for the first quarter was 3 fen per share, an increase of 16.9% from 2 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 115.4 million yuan, a gain of 26.7% from 91.1 million yuan in the year-earlier period.

The normalized profit margin rose to 3.7% from 2.6% in the year-earlier period.

Total revenue decreased 6.0% on an annual basis to 3.28 billion yuan from 3.49 billion yuan, and total operating expenses decreased 7.8% from the prior-year period to 3.09 billion yuan from 3.35 billion yuan.

Reported net income increased 35.2% from the prior-year period to 137.5 million yuan, or 3 fen per share, from 101.7 million yuan, or 3 fen per share.

As of April 22, US$1 was equivalent to 6.50 yuan.