Baotou Huazi Industry Co. Ltd. said its first-quarter normalized net income came to 28.0 million yuan, a rise from 1.4 million yuan in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin climbed to 203.0% from 2.6% in the year-earlier period.
Total revenue declined 73.7% year over year to 13.8 million yuan from 52.5 million yuan, and total operating expenses decreased 62.2% year over year to 26.6 million yuan from 70.3 million yuan.
Reported net income grew from the prior-year period to 44.8 million yuan, or 9 fen per share, from 2.2 million yuan, or 0 fen per share.
As of April 27, US$1 was equivalent to 6.22 yuan.
