Fangda Special Steel Technology Co. Ltd. said its normalized net income for the first quarter was 4 fen per share, a decrease of 52.5% from 9 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 55.2 million yuan, a decrease of 54.5% from 121.2 million yuan in the year-earlier period.
The normalized profit margin fell to 2.7% from 4.3% in the year-earlier period.
Total revenue declined 27.9% on an annual basis to 2.04 billion yuan from 2.82 billion yuan, and total operating expenses decreased 26.7% from the prior-year period to 1.91 billion yuan from 2.61 billion yuan.
Reported net income declined 57.9% from the prior-year period to 67.6 million yuan, or 5 fen per share, from 160.5 million yuan, or 12 fen per share.
As of April 24, US$1 was equivalent to 6.19 yuan.
