Huafang Co. Ltd. said its normalized net income for the third quarter was 3.7 million yuan, a fall of 7.5% from 4.0 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 0.5% from 0.6% in the year-earlier period.

Total revenue totaled 655.3 million yuan, compared with 659.5 million yuan in the year-earlier period, and total operating expenses declined year over year to 638.3 million yuan from 647.7 million yuan.

Reported net income declined 39.2% on an annual basis to 3.8 million yuan, or 1 fen per share, from 6.3 million yuan, or 2 fen per share.

As of Oct. 28, US$1 was equivalent to 6.78 yuan.