Shanghai Jahwa United Co. Ltd. said its first-quarter normalized net income was 14 fen per share, compared with the S&P Capital IQ consensus estimate of 29 fen per share.
EPS declined 33.6% year over year from 21 fen.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 94.6 million yuan, a decline of 34.3% from 144.1 million yuan in the prior-year period.
The normalized profit margin dropped to 6.3% from 9.0% in the year-earlier period.
Total revenue decreased year over year to 1.54 billion yuan from 1.59 billion yuan, and total operating expenses decreased from the prior-year period to 1.41 billion yuan from 1.42 billion yuan.
Reported net income decreased 32.9% on an annual basis to 127.4 million yuan, or 19 fen per share, from 189.8 million yuan, or 28 fen per share.
As of April 25, US$1 was equivalent to 6.49 yuan.