Zhejiang Aokang Shoes Co. Ltd. said its normalized net income for the first quarter came to 21 fen per share, a decline of 6.8% from 23 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 84.9 million yuan, a decline of 7.1% from 91.4 million yuan in the year-earlier period.

The normalized profit margin dropped to 9.8% from 10.9% in the year-earlier period.

Total revenue increased 5.6% on an annual basis to 888.9 million yuan from 841.8 million yuan, and total operating expenses increased 6.3% from the prior-year period to 755.7 million yuan from 710.7 million yuan.

Reported net income rose on an annual basis to 112.8 million yuan, or 28 fen per share, from 108.9 million yuan, or 27 fen per share.

As of April 25, US$1 was equivalent to 6.49 yuan.