Zhejiang Jiaxin Silk Corp. Ltd. said its first-quarter normalized net income came to 1 fen per share, a decline of 50.4% from 2 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 6.3 million yuan, a decline of 49.7% from 12.5 million yuan in the prior-year period.
The normalized profit margin declined to 1.4% from 3.0% in the year-earlier period.
Total revenue rose 10.4% year over year to 461.4 million yuan from 417.8 million yuan, and total operating expenses grew 13.2% from the prior-year period to 454.8 million yuan from 401.7 million yuan.
Reported net income totaled 11.2 million yuan, or 2 fen per share, compared to 11.0 million yuan, or 2 fen per share, in the prior-year period.
As of April 23, US$1 was equivalent to 6.20 yuan.
