Zhejiang Yinlun Machinery Co. Ltd. said its normalized net income for the first quarter amounted to 7 fen per share, a decline from 7 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 46.8 million yuan, an increase of 6.2% from 44.1 million yuan in the year-earlier period.

The normalized profit margin increased to 7.0% from 6.6% in the year-earlier period.

Total revenue totaled 670.1 million yuan, compared with 668.8 million yuan in the prior-year period, and total operating expenses rose from the prior-year period to 595.2 million yuan from 582.4 million yuan.

Reported net income came to 56.2 million yuan, or 8 fen per share, compared to 50.9 million yuan, or 8 fen per share, in the prior-year period.

As of April 29, US$1 was equivalent to 6.48 yuan.