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Gansu Mogao Industrial Development Co. Q1 profit falls YOY

Gansu Mogao Industrial Development Co. Ltd. said its first-quarter normalized net income amounted to 4 fen per share, a gain of 5.6% 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 12.9 million yuan, a decline of 6.7% from 13.8 million yuan in the prior-year period.

The normalized profit margin climbed to 19.1% from 18.2% in the year-earlier period.

Total revenue decreased 9.8% on an annual basis to 68.4 million yuan from 75.8 million yuan, and total operating expenses decreased 7.8% year over year to 53.0 million yuan from 57.5 million yuan.

Reported net income came to 15.0 million yuan, or 5 fen per share, compared to 16.9 million yuan, or 5 fen per share, in the prior-year period.

As of April 24, US$1 was equivalent to 6.19 yuan.