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Giti Tire Q1 profit falls YOY

Giti Tire Corp. said its first-quarter normalized net income came to 7 fen per share, a decrease of 15.2% from 8 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 23.6 million yuan, a decrease of 16.0% from 28.1 million yuan in the year-earlier period.

The normalized profit margin declined to 3.7% from 3.7% in the year-earlier period.

Total revenue decreased 14.7% year over year to 649.3 million yuan from 761.4 million yuan, and total operating expenses fell 14.2% year over year to 548.5 million yuan from 639.3 million yuan.

Reported net income decreased 9.2% on an annual basis to 36.6 million yuan, or 11 fen per share, from 40.3 million yuan, or 12 fen per share.

As of April 29, US$1 was equivalent to 6.48 yuan.