Royal Group Co. Ltd. said its normalized net income for the first quarter amounted to 4.1 million yuan, a decline of 50.0% from 8.2 million yuan in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to 2.5% from 3.3% in the year-earlier period.
Total revenue grew 13.5% year over year to 284.6 million yuan from 250.7 million yuan, and total operating expenses grew 11.2% year over year to 264.1 million yuan from 237.5 million yuan.
Reported net income grew 10.5% year over year to 11.8 million yuan, or 2 fen per share, from 10.7 million yuan, or 2 fen per share.
As of April 24, US$1 was equivalent to 6.19 yuan.
