Ningxia Zhongyin Cashmere Co. Ltd. said its normalized net income for the first quarter came to 4.4 million yuan, a decline of 88.3% from 37.9 million 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 fell to 0.9% from 7.2% in the year-earlier period.
Total revenue declined 9.5% on an annual basis to 474.0 million yuan from 523.5 million yuan, and total operating expenses totaled 450.5 million yuan, compared with 447.4 million yuan in the year-earlier period.
Reported net income declined 90.2% on an annual basis to 5.4 million yuan, or 0 fen per share, from 55.8 million yuan, or 3 fen per share.
As of April 28, US$1 was equivalent to 6.20 yuan.
