XiDeLang Holdings Ltd said its normalized net income for the first quarter was 3.7 million yuan, a decrease of 71.4% from 12.8 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 3.6% from 10.5% in the year-earlier period.

Total revenue fell 15.8% on an annual basis to 102.5 million yuan from 121.8 million yuan, and total operating expenses decreased year over year to 97.1 million yuan from 101.6 million yuan.

Reported net income fell 71.0% on an annual basis to 4.0 million yuan, or 0 fen per share, from 13.9 million yuan, or 1 fen per share.

As of May 28, US$1 was equivalent to 6.20 yuan.