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Guizhou Guihang Automotive Components Q1 profit climbs 62.2% YOY

Guizhou Guihang Automotive Components Co. Ltd. said its first-quarter normalized net income came to 4 fen per share, an increase of 75.2% from 2 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 11.7 million yuan, an increase of 62.2% from 7.2 million yuan in the prior-year period.

The normalized profit margin rose to 1.8% from 1.2% in the year-earlier period.

Total revenue rose 13.2% on an annual basis to 697.0 million yuan from 615.6 million yuan, and total operating expenses grew 10.7% year over year to 674.2 million yuan from 609.0 million yuan.

Reported net income grew 85.2% on an annual basis to 17.8 million yuan, or 6 fen per share, from 9.6 million yuan, or 3 fen per share.

As of April 28, US$1 was equivalent to 6.20 yuan.