Guangdong Qunxing Toys Joint-Stock Co. Ltd. said its normalized net income for the first quarter was 1.6 million yuan, a decline of 61.1% from 4.2 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 dropped to 4.6% from 4.8% in the year-earlier period.
Total revenue declined 18.6% year over year to 70.9 million yuan from 87.0 million yuan, and total operating expenses fell 15.3% on an annual basis to 69.7 million yuan from 82.3 million yuan.
Reported net income declined 23.9% year over year to 4.2 million yuan, or 1 fen per share, from 5.6 million yuan, or 1 fen per share.
As of April 21, US$1 was equivalent to 6.20 yuan.
