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Whirlpool China Q1 profit falls YOY

Whirlpool China Co. Ltd. said its first-quarter normalized net income was 11 fen per share, a decrease of 35.2% from 18 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 86.2 million yuan, a decrease of 7.9% from 93.6 million yuan in the prior-year period.

The normalized profit margin fell to 5.8% from 6.6% in the year-earlier period.

Total revenue increased 8.4% on an annual basis to 1.53 billion yuan from 1.41 billion yuan, and total operating expenses rose 10.6% on an annual basis to 1.41 billion yuan from 1.27 billion yuan.

Reported net income declined 7.3% year over year to 113.0 million yuan, or 15 fen per share, from 122.0 million yuan, or 23 fen per share.

As of April 27, US$1 was equivalent to 6.22 yuan.