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Fujian Sunner Development profit misses consensus by 87.1% in Q1

Fujian Sunner Development Co. Ltd. said its first-quarter normalized net income was 8.6 million yuan, compared with a loss of 102.8 million yuan in the prior-year period.

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

The normalized profit margin increased to 2.3% from negative 7.2% in the year-earlier period.

Total revenue increased 29.1% year over year to 1.84 billion yuan from 1.42 billion yuan, and total operating expenses grew 15.6% year over year to 1.78 billion yuan from 1.54 billion yuan.

Reported net income came to 66.5 million yuan, or 6 fen per share, compared to a loss of 194.9 million yuan, or a loss of 21 fen per share, in the prior-year period.

As of April 25, US$1 was equivalent to 6.49 yuan.