Triangle Tyre Co. Ltd. said its normalized net income for the first quarter was 19 fen per share, a decrease of 17.8% from 24 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 116.3 million yuan, a decrease of 18.8% from 143.3 million yuan in the year-earlier period.

The normalized profit margin rose to 7.5% from 7.5% in the year-earlier period.

Total revenue fell 17.1% on an annual basis to 1.58 billion yuan from 1.91 billion yuan, and total operating expenses fell 18.1% on an annual basis to 1.36 billion yuan from 1.66 billion yuan.

Reported net income fell 15.4% year over year to 161.1 million yuan, or 27 fen per share, from 190.3 million yuan, or 32 fen per share.

As of Aug. 22, US$1 was equivalent to 6.64 yuan.