V V Food & Beverage Co.Ltd said its first-quarter normalized net income was 3 fen per share, a decline of 43.6% 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 51.4 million yuan, a decline of 40.8% from 86.7 million yuan in the year-earlier period.

The normalized profit margin dropped to 5.1% from 7.2% in the year-earlier period.

Total revenue decreased 12.9% year over year to 1.05 billion yuan from 1.21 billion yuan, and total operating expenses declined 11.5% year over year to 930.7 million yuan from 1.05 billion yuan.

Reported net income decreased 47.5% from the prior-year period to 32.0 million yuan, or 2 fen per share, from 61.0 million yuan, or 4 fen per share.

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