Great Wall Motor Co. Ltd. said its normalized net income for the first quarter came to 16 fen per share, a decrease of 22.8% from 20 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.44 billion yuan, a decline of 22.8% from 1.86 billion yuan in the year-earlier period.

The normalized profit margin dropped to 6.2% from 8.9% in the year-earlier period.

Total revenue increased 11.7% on an annual basis to 23.32 billion yuan from 20.88 billion yuan, and total operating expenses climbed 17.1% year over year to 20.97 billion yuan from 17.92 billion yuan.

Reported net income decreased 18.4% from the prior-year period to 1.95 billion yuan, or 21 fen per share, from 2.40 billion yuan, or 26 fen per share.

As of April 27, US$1 was equivalent to 6.89 yuan.