CNPC Capital Co. Ltd. said its normalized net income for the first quarter was 1.2 million yuan, a gain of 8.5% from 1.1 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 1.5% from 0.4% in the year-earlier period.

Total revenue declined 15.2% year over year to 243.1 million yuan from 286.7 million yuan, and total operating expenses declined 17.3% on an annual basis to 230.2 million yuan from 278.4 million yuan.

Reported net income totaled 2.3 million yuan, or 1 fen per share, compared with 2.5 million yuan, or 1 fen per share, in the prior-year period.

As of April 27, US$1 was equivalent to 6.22 yuan.