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Joyoung Q1 profit climbs 24.6% YOY

Joyoung Co. Ltd. said its normalized net income for the first quarter was 12 fen per share, a gain of 23.9% from 10 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 95.7 million yuan, a gain of 24.6% from 76.8 million yuan in the year-earlier period.

The normalized profit margin climbed to 6.8% from 6.6% in the year-earlier period.

Total revenue increased 21.8% year over year to 1.42 billion yuan from 1.16 billion yuan, and total operating expenses grew 24.5% from the prior-year period to 1.27 billion yuan from 1.02 billion yuan.

Reported net income increased 16.0% year over year to 119.0 million yuan, or 15 fen per share, from 102.6 million yuan, or 13 fen per share.

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