Zhejiang Qianjiang Motorcycle Co. Ltd. said its normalized net income for the first quarter was 3.7 million yuan, a decrease of 85.9% from 26.4 million yuan in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to 2.1% from 3.5% in the year-earlier period.
Total revenue fell 22.1% on an annual basis to 585.6 million yuan from 751.5 million yuan, and total operating expenses decreased 20.3% year over year to 578.8 million yuan from 726.3 million yuan.
Reported net income came to 6.3 million yuan, or 1 fen per share, compared to 5.3 million yuan, or 1 fen per share, in the year-earlier period.
As of April 29, US$1 was equivalent to 6.20 yuan.
