Guangdong Songfa Ceramics Co. Ltd. said its first-quarter normalized net income amounted to 15 fen per share, a decline of 20.4% from 19 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 10.0 million yuan, a decrease of 19.0% from 12.4 million yuan in the prior-year period.
The normalized profit margin dropped to 12.4% from 14.4% in the year-earlier period.
Total revenue decreased on an annual basis to 82.1 million yuan from 86.0 million yuan, and total operating expenses fell on an annual basis to 66.0 million yuan from 67.8 million yuan.
Reported net income declined 12.7% on an annual basis to 12.1 million yuan, or 18 fen per share, from 13.9 million yuan, or 21 fen per share.
As of April 29, US$1 was equivalent to 6.20 yuan.
