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Harbin Churin Group Q1 profit climbs YOY

Harbin Churin Group Jointstock Co. Ltd. said its normalized net income for the first quarter amounted to 4 fen per share, compared with 4 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 13.8 million yuan, a gain from 13.7 million yuan in the prior-year period.

The normalized profit margin fell to 4.2% from 12.0% in the year-earlier period.

Total revenue decreased on an annual basis to 110.3 million yuan from 113.5 million yuan, and total operating expenses fell year over year to 90.2 million yuan from 94.1 million yuan.

Reported net income totaled 20.6 million yuan, or 6 fen per share, compared to 20.5 million yuan, or 6 fen per share, in the prior-year period.

As of April 20, US$1 was equivalent to 6.20 yuan.