Qingdao Doublestar Co. Ltd. said its first-quarter normalized net income came to 6.0 million yuan, a fall of 38.8% from 9.9 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 climbed to 1.1% from 0.9% in the year-earlier period.
Total revenue decreased 39.0% year over year to 688.8 million yuan from 1.13 billion yuan, and total operating expenses fell 38.8% on an annual basis to 670.3 million yuan from 1.09 billion yuan.
Reported net income rose 10.1% from the prior-year period to 8.8 million yuan, or 1 fen per share, from 8.0 million yuan, or 2 fen per share.
As of April 29, US$1 was equivalent to 6.20 yuan.
