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Zhejiang Haers Vacuum Containers Q1 profit falls YOY

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Zhejiang Haers Vacuum Containers Q1 profit falls YOY

Zhejiang Haers Vacuum Containers Co. Ltd. said its first-quarter normalized net income amounted to 1 fen per share, a decline of 51.8% from 3 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.8 million yuan, a decline of 52.0% from 12.1 million yuan in the year-earlier period.

The normalized profit margin declined to 3.8% from 8.4% in the year-earlier period.

Total revenue increased 7.9% on an annual basis to 156.5 million yuan from 145.0 million yuan, and total operating expenses increased 16.8% on an annual basis to 149.0 million yuan from 127.5 million yuan.

Reported net income declined 58.0% on an annual basis to 7.2 million yuan, or 2 fen per share, from 17.1 million yuan, or 4 fen per share.

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