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Fujian Zhangzhou Development Q1 profit falls YOY

Fujian Zhangzhou Development Co. Ltd. said its normalized net income for the first quarter came to 4.6 million yuan, a fall of 74.7% from 18.2 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 0.7% from 2.3% in the year-earlier period.

Total revenue fell 9.1% on an annual basis to 712.9 million yuan from 784.2 million yuan, and total operating expenses fell 6.2% from the prior-year period to 692.4 million yuan from 738.1 million yuan.

Reported net income fell 81.0% on an annual basis to 2.9 million yuan, or 0 fen per share, from 15.1 million yuan, or 2 fen per share.

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