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Harbin VITI Q3 profit climbs 6.9% YOY

Harbin VITI Electronics Co. Ltd. said its third-quarter normalized net income came to 4 fen per share, a gain from 4 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 16.5 million yuan, a gain of 6.9% from 15.4 million yuan in the year-earlier period.

The normalized profit margin increased to 44.1% from 35.8% in the year-earlier period.

Total revenue declined 13.2% year over year to 37.4 million yuan from 43.1 million yuan, and total operating expenses fell 6.9% from the prior-year period to 26.4 million yuan from 28.3 million yuan.

Reported net income totaled 23.0 million yuan, or 6 fen per share, compared to 22.1 million yuan, or 6 fen per share, in the prior-year period.

As of Oct. 27, US$1 was equivalent to 6.78 yuan.