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Sinomach Automobile Q1 profit climbs 11.0% YOY

Sinomach Automobile Co. Ltd. said its normalized net income for the first quarter came to 15 fen per share, a gain of 8.4% from 14 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 143.4 million yuan, a gain of 11.0% from 129.2 million yuan in the prior-year period.

The normalized profit margin increased to 0.9% from 0.6% in the year-earlier period.

Total revenue fell 27.5% on an annual basis to 16.94 billion yuan from 23.37 billion yuan, and total operating expenses decreased 28.1% from the prior-year period to 16.52 billion yuan from 22.98 billion yuan.

Reported net income grew 9.5% from the prior-year period to 162.9 million yuan, or 17 fen per share, from 148.7 million yuan, or 16 fen per share.

As of April 27, US$1 was equivalent to 6.22 yuan.