Dahu Aquaculture Co. Ltd. said its first-quarter normalized net income amounted to 2.1 million yuan, a decline of 70.3% from 7.1 million yuan in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin fell to 2.4% from 4.4% in the year-earlier period.
Total revenue fell 10.8% on an annual basis to 144.1 million yuan from 161.6 million yuan, and total operating expenses declined 13.5% on an annual basis to 139.7 million yuan from 161.5 million yuan.
Reported net income fell 48.8% from the prior-year period to 5.6 million yuan, or 1 fen per share, from 10.9 million yuan, or 3 fen per share.
As of April 29, US$1 was equivalent to 6.20 yuan.
