Zhejiang Zheneng Electric Power Co. Ltd. said its normalized net income for the first quarter was 5 fen per share, a decrease of 36.5% from 8 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 667.2 million yuan, a decrease of 36.7% from 1.05 billion yuan in the prior-year period.
The normalized profit margin fell to 6.1% from 13.0% in the year-earlier period.
Total revenue increased 35.2% on an annual basis to 10.97 billion yuan from 8.12 billion yuan, and total operating expenses rose 56.4% from the prior-year period to 10.07 billion yuan from 6.44 billion yuan.
Reported net income fell 36.5% year over year to 934.8 million yuan, or 7 fen per share, from 1.47 billion yuan, or 11 fen per share.
As of April 25, US$1 was equivalent to 6.89 yuan.