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Songz Automobile Air Conditioning Q1 profit falls YOY

Songz Automobile Air Conditioning Co. Ltd. said its normalized net income for the first quarter came to 11 fen per share, a decrease of 14.0% from 13 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 43.6 million yuan, a decline of 14.6% from 51.1 million yuan in the prior-year period.

The normalized profit margin declined to 8.5% from 9.9% in the year-earlier period.

Total revenue rose 14.9% on an annual basis to 596.1 million yuan from 518.7 million yuan, and total operating expenses climbed 19.8% from the prior-year period to 516.8 million yuan from 431.5 million yuan.

Reported net income grew 11.7% year over year to 73.0 million yuan, or 18 fen per share, from 65.3 million yuan, or 16 fen per share.

As of April 27, US$1 was equivalent to 6.22 yuan.