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Qiming Information Technology Q1 profit falls YOY

Qiming Information Technology Co.Ltd. said its first-quarter normalized net income was 38,280 yuan, a fall of 92.6% from 518,300 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 rose to 0.7% from 0.3% in the year-earlier period.

Total revenue decreased 11.5% on an annual basis to 170.7 million yuan from 192.9 million yuan, and total operating expenses declined 10.7% year over year to 171.0 million yuan from 191.5 million yuan.

Reported net income fell 32.3% from the prior-year period to 689,710 yuan, or 0 fen per share, from 1.0 million yuan, or 0 fen per share.

As of April 27, US$1 was equivalent to 6.50 yuan.