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Zhejiang Unifull Industrial Fibre Q1 profit climbs 56.2% YOY

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Zhejiang Unifull Industrial Fibre Q1 profit climbs 56.2% YOY

Zhejiang Unifull Industrial Fibre Co. Ltd. said its first-quarter normalized net income amounted to 5 fen per share, an increase of 67.7% from 3 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 16.7 million yuan, a gain of 56.2% from 10.7 million yuan in the year-earlier period.

The normalized profit margin increased to 3.5% from 1.9% in the year-earlier period.

Total revenue decreased 14.3% on an annual basis to 490.0 million yuan from 571.7 million yuan, and total operating expenses decreased 16.8% year over year to 443.0 million yuan from 532.7 million yuan.

Reported net income grew on an annual basis to 26.2 million yuan, or 8 fen per share, from 10.3 million yuan, or 3 fen per share.

As of April 28, US$1 was equivalent to 6.20 yuan.