China Automobile Parts Holdings Ltd. said its first-quarter normalized net income amounted to 1 fen per share, a decrease of 44.0% from 3 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 16.6 million yuan, a decrease of 43.9% from 29.5 million yuan in the prior-year period.

The normalized profit margin dropped to 14.7% from 16.4% in the year-earlier period.

Total revenue fell 37.3% on an annual basis to 112.7 million yuan from 179.6 million yuan, and total operating expenses fell 34.8% year over year to 88.0 million yuan from 134.9 million yuan.

Reported net income declined 43.9% from the prior-year period to 19.8 million yuan, or 2 fen per share, from 35.2 million yuan, or 3 fen per share.

As of May 21, US$1 was equivalent to 6.20 yuan.