Linhai Co. Ltd. said its third-quarter normalized net income was 447,290 yuan, a fall of 51.7% from 926,260 yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 0.6% from 1.1% in the year-earlier period.

Total revenue rose 27.9% year over year to 110.9 million yuan from 86.7 million yuan, and total operating expenses increased 27.1% from the prior-year period to 111.1 million yuan from 87.4 million yuan.

Reported net income declined 48.5% on an annual basis to 478,010 yuan, or 0 fen per share, from 927,800 yuan, or 0 fen per share.

As of Oct. 26, US$1 was equivalent to 6.77 yuan.