Orient International Enterprise Ltd. said its first-quarter normalized net income amounted to 5 fen per share, a decrease of 24.3% from 7 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 28.0 million yuan, a decline of 24.2% from 36.9 million yuan in the prior-year period.

The normalized profit margin fell to 0.9% from 1.1% in the year-earlier period.

Total revenue decreased year over year to 3.30 billion yuan from 3.34 billion yuan, and total operating expenses fell on an annual basis to 3.28 billion yuan from 3.33 billion yuan.

Reported net income declined 22.1% year over year to 37.0 million yuan, or 7 fen per share, from 47.6 million yuan, or 9 fen per share.

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