Tianshui Zhongxing Bio-technology Co. Ltd. said its normalized net income for the first quarter amounted to 27.9 million yuan, a fall of 13.3% from 32.2 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 dropped to 22.6% from 28.1% in the year-earlier period.
Total revenue increased 13.3% year over year to 129.5 million yuan from 114.3 million yuan, and total operating expenses grew 31.8% on an annual basis to 84.9 million yuan from 64.4 million yuan.
Reported net income decreased 9.3% year over year to 46.6 million yuan, or 20 fen per share, from 51.4 million yuan.
As of June 9, US$1 was equivalent to 6.20 yuan.
