Shanghai Feilo Acoustics Co. Ltd. said its normalized net income for the first quarter amounted to 3 fen per share, a decline of 21.2% from 3 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 25.1 million yuan, a decrease of 22.5% from 32.4 million yuan in the year-earlier period.

The normalized profit margin fell to 1.7% from 4.7% in the year-earlier period.

Total revenue rose year over year to 1.59 billion yuan from 690.9 million yuan, and total operating expenses increased from the prior-year period to 1.51 billion yuan from 639.7 million yuan.

Reported net income decreased 50.8% from the prior-year period to 20.6 million yuan, or 2 fen per share, from 41.9 million yuan, or 4 fen per share.

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