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Loncin Motor Q1 profit climbs 6.7% YOY

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Loncin Motor Q1 profit climbs 6.7% YOY

Loncin Motor Co. Ltd. said its normalized net income for the first quarter was 6 fen per share, an increase of 6.5% from 5 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 113.0 million yuan, an increase of 6.7% from 105.9 million yuan in the prior-year period.

The normalized profit margin rose to 7.9% from 7.1% in the year-earlier period.

Total revenue fell year over year to 1.44 billion yuan from 1.49 billion yuan, and total operating expenses declined from the prior-year period to 1.30 billion yuan from 1.35 billion yuan.

Reported net income grew 9.5% year over year to 158.6 million yuan, or 8 fen per share, from 144.8 million yuan, or 7 fen per share.

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