Jinfa Labi Maternity & Baby Articles Co. Ltd said its normalized net income for the first quarter came to 6 fen per share, a decrease of 36.5% from 9 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 11.5 million yuan, a decline of 13.6% from 13.3 million yuan in the year-earlier period.

The normalized profit margin fell to 14.9% from 17.1% in the year-earlier period.

Total revenue grew on an annual basis to 81.6 million yuan from 78.1 million yuan, and total operating expenses increased 13.6% year over year to 65.8 million yuan from 58.0 million yuan.

Reported net income declined 9.3% year over year to 14.6 million yuan, or 7 fen per share, from 16.1 million yuan, or 11 fen per share.

As of April 26, US$1 was equivalent to 6.50 yuan.