Changsha Tongcheng Holdings Co. Ltd. said its first-quarter normalized net income amounted to 5 fen per share, a decrease of 13.6% from 6 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 29.0 million yuan, a decline of 13.6% from 33.6 million yuan in the year-earlier period.

The normalized profit margin fell to 2.9% from 2.9% in the year-earlier period.

Total revenue fell 11.2% year over year to 1.02 billion yuan from 1.15 billion yuan, and total operating expenses declined 11.8% from the prior-year period to 982.6 million yuan from 1.11 billion yuan.

Reported net income declined 9.4% on an annual basis to 33.6 million yuan, or 6 fen per share, from 37.1 million yuan, or 7 fen per share.

As of April 25, US$1 was equivalent to 6.49 yuan.