Aeolus Tyre Co. Ltd. said its normalized net income for the first quarter came to 7 fen per share, a decrease of 10.3% from 8 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 40.9 million yuan, a decline of 7.2% from 44.1 million yuan in the prior-year period.
The normalized profit margin fell to 1.8% from 2.8% in the year-earlier period.
Total revenue fell 18.5% on an annual basis to 1.28 billion yuan from 1.57 billion yuan, and total operating expenses decreased 19.6% year over year to 1.20 billion yuan from 1.50 billion yuan.
Reported net income grew 17.2% from the prior-year period to 63.8 million yuan, or 11 fen per share, from 54.5 million yuan, or 10 fen per share.
As of April 28, US$1 was equivalent to 6.48 yuan.