Ningbo Zhoushan Port Co. Ltd. said its first-quarter normalized net income was 4 fen per share, a gain of 12.4% from 4 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 554.0 million yuan, a gain of 8.7% from 509.5 million yuan in the year-earlier period.

The normalized profit margin declined to 12.8% from 18.7% in the year-earlier period.

Total revenue climbed 58.6% year over year to 4.32 billion yuan from 2.72 billion yuan, and total operating expenses climbed 83.5% from the prior-year period to 3.58 billion yuan from 1.95 billion yuan.

Reported net income rose 16.1% on an annual basis to 765.0 million yuan, or 6 fen per share, from 658.7 million yuan, or 5 fen per share.

As of April 28, US$1 was equivalent to 6.20 yuan.