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Hung Hau Agricultural Q1 profit climbs 58.3% YOY

Hung Hau Agricultural Corp. said its normalized net income for the first quarter came to 182.56 dong per share, an increase of 9.1% from 167.35 dong per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.93 billion dong, an increase of 58.3% from 1.22 billion dong in the prior-year period.

The normalized profit margin rose to 1.7% from 1.5% in the year-earlier period.

Total revenue increased 40.0% on an annual basis to 112.25 billion dong from 80.17 billion dong, and total operating expenses rose 38.8% on an annual basis to 108.92 billion dong from 78.49 billion dong.

Reported net income increased 58.3% year over year to 2.41 billion dong, or 227.84 dong per share, from 1.52 billion dong, or 208.85 dong per share.

As of April 22, US$1 was equivalent to 21,586 dong.