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FAWER Automotive Parts Q1 profit falls YOY

FAWER Automotive Parts Ltd. Co. said its first-quarter normalized net income amounted to 8 fen per share, a decrease from 8 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 98.5 million yuan, a decline of 6.4% from 105.3 million yuan in the prior-year period.

The normalized profit margin declined to 8.0% from 9.0% in the year-earlier period.

Total revenue grew 10.3% year over year to 1.29 billion yuan from 1.17 billion yuan, and total operating expenses increased 13.1% from the prior-year period to 1.26 billion yuan from 1.11 billion yuan.

Reported net income totaled 156.7 million yuan, or 12 fen per share, compared to 162.2 million yuan, or 12 fen per share, in the prior-year period.

As of April 20, US$1 was equivalent to 6.47 yuan.