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Guangdong Xinbao Electrical Appliances Q1 profit falls YOY

Guangdong Xinbao Electrical Appliances Holdings Co. Ltd. said its first-quarter normalized net income came to 3 fen per share, a decrease of 21.0% from 4 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 23.0 million yuan, a decrease of 16.4% from 27.5 million yuan in the prior-year period.

The normalized profit margin fell to 1.8% from 2.8% in the year-earlier period.

Total revenue rose 29.0% year over year to 1.25 billion yuan from 969.7 million yuan, and total operating expenses increased 32.6% year over year to 1.24 billion yuan from 934.1 million yuan.

Reported net income grew 41.7% year over year to 32.1 million yuan, or 4 fen per share, from 22.6 million yuan, or 3 fen per share.

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