Linhai Co. Ltd. said its normalized net income for the first quarter came to 1.3 million yuan, a gain from 618,640 yuan in the prior-year period.

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

The normalized profit margin increased to 1.3% from 0.7% in the year-earlier period.

Total revenue grew 16.3% year over year to 96.7 million yuan from 83.2 million yuan, and total operating expenses increased 15.5% on an annual basis to 97.2 million yuan from 84.1 million yuan.

Reported net income rose from the prior-year period to 1.3 million yuan, or 1 fen per share, from 565,890 yuan, or 0 fen per share.

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