Yamada Green Resources Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 2 fen per share, a decline of 41.2% from 4 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 2.9 million yuan, a decrease of 36.2% from 4.6 million yuan in the year-earlier period.

The normalized profit margin fell to 5.3% from 8.2% in the year-earlier period.

Total revenue fell on an annual basis to 55.2 million yuan from 56.0 million yuan, and total operating expenses increased 7.0% year over year to 51.2 million yuan from 47.8 million yuan.

Reported net income decreased 35.4% year over year to 3.1 million yuan, or 2 fen per share, from 4.8 million yuan, or 4 fen per share.

As of Oct. 30, US$1 was equivalent to 6.32 yuan.