Zhejiang Red Dragonfly Footwear Co. Ltd. said its normalized net income for the third quarter was 12 fen per share, a decline of 24.7% from 16 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 49.5 million yuan, a decrease of 18.0% from 60.4 million yuan in the prior-year period.

The normalized profit margin declined to 8.0% from 8.7% in the year-earlier period.

Total revenue fell 10.0% year over year to 621.8 million yuan from 690.9 million yuan, and total operating expenses declined 8.1% from the prior-year period to 557.0 million yuan from 605.9 million yuan.

Reported net income declined 22.2% on an annual basis to 60.0 million yuan, or 15 fen per share, from 77.1 million yuan, or 21 fen per share.

As of Oct. 28, US$1 was equivalent to 6.78 yuan.