Hebei Hengshui Laobaigan Liquor Co. Ltd. said its first-quarter normalized net income amounted to 6 fen per share, a gain of 12.4% from 5 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 26.8 million yuan, an increase of 48.4% from 18.1 million yuan in the year-earlier period.

The normalized profit margin climbed to 4.4% from 2.9% in the year-earlier period.

Total revenue increased 10.4% year over year to 677.0 million yuan from 613.0 million yuan, and total operating expenses grew 9.3% year over year to 633.8 million yuan from 580.0 million yuan.

Reported net income increased 40.3% on an annual basis to 30.5 million yuan, or 7 fen per share, from 21.8 million yuan, or 6 fen per share.

As of April 25, US$1 was equivalent to 6.49 yuan.