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Fuxin Dare Automotive Parts Q1 profit falls YOY

Fuxin Dare Automotive Parts Co. Ltd. said its normalized net income for the first quarter was 25.5 million yuan, a decrease from 26.2 million yuan in the year-earlier period.

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

The normalized profit margin increased to 14.2% from 13.2% in the year-earlier period.

Total revenue fell 7.1% on an annual basis to 185.1 million yuan from 199.1 million yuan, and total operating expenses fell 7.0% year over year to 146.1 million yuan from 157.2 million yuan.

Reported net income fell 8.1% year over year to 33.5 million yuan, or 33 fen per share, from 36.4 million yuan.

As of June 1, US$1 was equivalent to 6.20 yuan.