Guangdong Songfa Ceramics Co.Ltd. said its first-quarter normalized net income was 7 fen per share, a decrease of 51.0% from 15 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 6.7 million yuan, a decrease of 34.8% from 10.2 million yuan in the year-earlier period.

The normalized profit margin fell to 12.1% from 12.4% in the year-earlier period.

Total revenue fell 32.8% on an annual basis to 55.2 million yuan from 82.1 million yuan, and total operating expenses declined 28.4% from the prior-year period to 47.3 million yuan from 66.0 million yuan.

Reported net income declined 26.1% from the prior-year period to 8.9 million yuan, or 10 fen per share, from 12.1 million yuan, or 18 fen per share.

As of April 26, US$1 was equivalent to 6.50 yuan.