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Fujian Septwolves Industry Q1 profit falls YOY

Fujian Septwolves Industry Co. Ltd. said its first-quarter normalized net income amounted to 13 fen per share, a decline of 29.5% from 18 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 94.3 million yuan, a decrease of 28.7% from 132.3 million yuan in the year-earlier period.

The normalized profit margin dropped to 16.5% from 20.2% in the year-earlier period.

Total revenue fell on an annual basis to 638.0 million yuan from 653.2 million yuan, and total operating expenses increased from the prior-year period to 515.5 million yuan from 491.8 million yuan.

Reported net income fell 39.3% from the prior-year period to 67.9 million yuan, or 9 fen per share, from 111.8 million yuan, or 15 fen per share.

As of April 22, US$1 was equivalent to 6.19 yuan.