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Zhonglu Q1 profit climbs YOY

Zhonglu Co. Ltd. said its first-quarter normalized net income came to 2.3 million yuan, a gain from 1.1 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 1.9% from 0.8% in the year-earlier period.

Total revenue declined year over year to 138.9 million yuan from 145.6 million yuan, and total operating expenses fell 4.9% from the prior-year period to 136.9 million yuan from 144.1 million yuan.

Reported net income rose on an annual basis to 4.1 million yuan, or 1 fen per share, from 1.9 million yuan, or 1 fen per share.

As of April 24, US$1 was equivalent to 6.19 yuan.