Hailun Piano Co. Ltd. said its first-quarter normalized net income was 2 fen per share, a decline of 10.6% from 3 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 5.4 million yuan, a decline of 10.3% from 6.0 million yuan in the year-earlier period.
The normalized profit margin dropped to 6.4% from 7.9% in the year-earlier period.
Total revenue rose 12.3% year over year to 85.9 million yuan from 76.5 million yuan, and total operating expenses rose 11.4% year over year to 75.7 million yuan from 68.0 million yuan.
Reported net income fell 7.2% year over year to 6.8 million yuan, or 3 fen per share, from 7.4 million yuan, or 3 fen per share.
As of April 24, US$1 was equivalent to 6.19 yuan.
