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Giti Tire Q1 profit falls YOY

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Giti Tire Q1 profit falls YOY

Giti Tire Corp. said its first-quarter normalized net income came to 8 fen per share, a decline of 35.1% from 13 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 27.4 million yuan, a decline of 37.5% from 43.9 million yuan in the prior-year period.

The normalized profit margin fell to 3.7% from 4.4% in the year-earlier period.

Total revenue fell 24.3% on an annual basis to 761.4 million yuan from 1.01 billion yuan, and total operating expenses fell 23.5% on an annual basis to 639.3 million yuan from 836.1 million yuan.

Reported net income fell 35.8% on an annual basis to 40.3 million yuan, or 12 fen per share, from 62.8 million yuan, or 18 fen per share.

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