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Weifu High-Technology Q1 profit climbs 5.8% YOY

Weifu High-Technology Group Co. Ltd. said its first-quarter normalized net income was 29 fen per share, an increase of 6.8% from 27 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 292.1 million yuan, a gain of 5.8% from 276.0 million yuan in the prior-year period.

The normalized profit margin declined to 16.4% from 16.4% in the year-earlier period.

Total revenue increased 5.9% on an annual basis to 1.78 billion yuan from 1.68 billion yuan, and total operating expenses rose 5.6% from the prior-year period to 1.59 billion yuan from 1.51 billion yuan.

Reported net income grew on an annual basis to 434.4 million yuan, or 43 fen per share, from 428.3 million yuan, or 42 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.