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Hang Xanh Motors Service Q1 profit climbs YOY

Hang Xanh Motors Service JSC said its normalized net income for the first quarter came to 119.89 dong per share, an increase from 55.93 dong per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.13 billion dong, a gain from 994.7 million dong in the year-earlier period.

The normalized profit margin climbed to 0.7% from 0.4% in the year-earlier period.

Total revenue rose 30.6% on an annual basis to 324.19 billion dong from 248.24 billion dong, and total operating expenses increased 29.4% from the prior-year period to 320.46 billion dong from 247.72 billion dong.

Reported net income grew year over year to 2.92 billion dong, or 164.30 dong per share, from 1.15 billion dong, or 64.91 dong per share.

As of May 8, US$1 was equivalent to 21,680 dong.