Zhejiang Yueling Co. Ltd. said its normalized net income for the first quarter came to 8 fen per share, a decline of 39.0% from 13 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 12.3 million yuan, a decrease of 33.3% from 18.5 million yuan in the prior-year period.
The normalized profit margin dropped to 7.7% from 10.1% in the year-earlier period.
Total revenue fell 12.8% year over year to 159.7 million yuan from 183.2 million yuan, and total operating expenses fell 7.3% from the prior-year period to 143.3 million yuan from 154.6 million yuan.
Reported net income decreased 32.2% on an annual basis to 17.8 million yuan, or 11 fen per share, from 26.2 million yuan, or 18 fen per share.
As of April 23, US$1 was equivalent to 6.20 yuan.
