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Beijing WKW Automotive Parts Q1 profit climbs 9.8% YOY

Beijing WKW Automotive Parts Co. Ltd. said its normalized net income for the first quarter was 6 fen per share, an increase from 6 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 87.4 million yuan, an increase of 9.8% from 79.6 million yuan in the prior-year period.

The normalized profit margin declined to 6.1% from 10.6% in the year-earlier period.

Total revenue climbed 33.4% year over year to 1.00 billion yuan from 751.2 million yuan, and total operating expenses climbed 34.3% from the prior-year period to 841.2 million yuan from 626.6 million yuan.

Reported net income decreased 39.6% year over year to 61.2 million yuan, or 4 fen per share, from 101.3 million yuan, or 7 fen per share.

As of April 25, US$1 was equivalent to 6.49 yuan.