Loncin Motor Co. Ltd. said its third-quarter normalized net income was 7 fen per share, a decrease of 23.1% from 10 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 155.8 million yuan, a decline of 19.8% from 194.3 million yuan in the year-earlier period.

The normalized profit margin dropped to 7.3% from 11.4% in the year-earlier period.

Total revenue grew 24.3% year over year to 2.12 billion yuan from 1.71 billion yuan, and total operating expenses rose 20.6% on an annual basis to 1.87 billion yuan from 1.55 billion yuan.

Reported net income decreased 20.2% year over year to 226.0 million yuan, or 11 fen per share, from 283.2 million yuan, or 14 fen per share.

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