Zhejiang Meida Industrial Co. Ltd. said its normalized net income for the first quarter amounted to 3 fen per share, an increase of 19.4% 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 21.5 million yuan, a gain of 15.1% from 18.7 million yuan in the year-earlier period.

The normalized profit margin dropped to 22.8% from 23.3% in the year-earlier period.

Total revenue rose 17.6% year over year to 94.6 million yuan from 80.4 million yuan, and total operating expenses climbed 6.0% from the prior-year period to 66.5 million yuan from 62.8 million yuan.

Reported net income increased 12.6% year over year to 28.6 million yuan, or 4 fen per share, from 25.4 million yuan, or 4 fen per share.

As of April 15, US$1 was equivalent to 6.47 yuan.