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Bohai Automotive Systems Q1 profit falls YOY

Bohai Automotive Systems Co. Ltd. said its first-quarter normalized net income amounted to 3 fen per share, a decrease of 45.4% from 5 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 14.0 million yuan, a decrease of 15.9% from 16.7 million yuan in the prior-year period.

The normalized profit margin fell to 5.2% from 5.3% in the year-earlier period.

Total revenue fell on an annual basis to 299.0 million yuan from 313.1 million yuan, and total operating expenses fell year over year to 271.1 million yuan from 274.5 million yuan.

Reported net income rose on an annual basis to 18.6 million yuan, or 4 fen per share, from 18.1 million yuan, or 6 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.