Guangzhou Grandbuy Co. Ltd. said its first-quarter normalized net income amounted to 12 fen per share, a decline of 18.9% from 14 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 39.8 million yuan, a decline of 20.0% from 49.8 million yuan in the year-earlier period.

The normalized profit margin declined to 2.4% from 2.6% in the year-earlier period.

Total revenue decreased 8.6% on an annual basis to 1.77 billion yuan from 1.94 billion yuan, and total operating expenses decreased 8.0% from the prior-year period to 1.71 billion yuan from 1.86 billion yuan.

Reported net income fell 34.3% on an annual basis to 47.6 million yuan, or 14 fen per share, from 72.4 million yuan, or 21 fen per share.

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