Shenzhen Zhongheng Huafa Co. Ltd. said its first-quarter normalized net income came to 101,380 yuan, a fall of 72.6% from 370,420 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 fell to 0.3% from 0.3% in the year-earlier period.

Total revenue increased 17.2% on an annual basis to 137.7 million yuan from 117.5 million yuan, and total operating expenses grew 17.3% from the prior-year period to 135.5 million yuan from 115.5 million yuan.

Reported net income fell 8.2% from the prior-year period to 469,940 yuan, or 0 fen per share, from 511,850 yuan, or 0 fen per share.

As of April 29, US$1 was equivalent to 6.48 yuan.