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Lonkey Industrial Q1 profit falls YOY

Lonkey Industrial Co.Ltd. Guangzhou said its normalized net income for the first quarter was 2.9 million yuan, a fall of 41.3% from 5.0 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 0.3% from 0.4% in the year-earlier period.

Total revenue grew 40.7% on an annual basis to 1.71 billion yuan from 1.22 billion yuan, and total operating expenses climbed 41.2% on an annual basis to 1.70 billion yuan from 1.20 billion yuan.

Reported net income rose 7.2% year over year to 5.1 million yuan, or 1 fen per share, from 4.8 million yuan, or 1 fen per share.

As of April 22, US$1 was equivalent to 6.50 yuan.