Beijing Bashi Media Co. Ltd. said its normalized net income for the first quarter amounted to 3 fen per share, a decrease of 14.3% from 3 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 21.9 million yuan, a decrease of 17.1% from 26.4 million yuan in the year-earlier period.

The normalized profit margin fell to 3.0% from 4.2% in the year-earlier period.

Total revenue grew 17.4% on an annual basis to 730.3 million yuan from 621.9 million yuan, and total operating expenses climbed 20.7% from the prior-year period to 694.1 million yuan from 575.0 million yuan.

Reported net income fell 17.0% from the prior-year period to 25.1 million yuan, or 3 fen per share, from 30.2 million yuan, or 4 fen per share.

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