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Pingtan Marine Enterprise Q1 profit falls YOY

Pingtan Marine Enterprise Ltd. said its first-quarter normalized net income was 6 cents per share, a decrease of 65.3% from 18 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $5.1 million, a decrease of 65.3% from $14.6 million in the year-earlier period.

The normalized profit margin dropped to 17.6% from 22.3% in the year-earlier period.

Total revenue declined 56.2% year over year to $28.7 million from $65.6 million, and total operating expenses decreased 53.1% year over year to $19.4 million from $41.4 million.

Reported net income decreased 64.8% year over year to $8.2 million, or 10 cents per share, from $23.4 million, or 30 cents per share.