Jiangsu Sunshine Co. Ltd. said its first-quarter normalized net income amounted to 2.8 million yuan, a fall of 54.0% from 6.0 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 dropped to 1.1% from 1.4% in the year-earlier period.
Total revenue declined 16.2% on an annual basis to 368.7 million yuan from 439.9 million yuan, and total operating expenses decreased 14.6% from the prior-year period to 341.1 million yuan from 399.6 million yuan.
Reported net income decreased 35.6% year over year to 5.0 million yuan, or 0 fen per share, from 7.8 million yuan, or 0 fen per share.
As of April 27, US$1 was equivalent to 6.22 yuan.
