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BOE Technology Group Q1 profit climbs 110.8% YOY

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BOE Technology Group Q1 profit climbs 110.8% YOY

BOE Technology Group Co. Ltd. said its normalized net income for the first quarter amounted to 3 fen per share, a decrease of 17.5% from 3 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 876.1 million yuan, an increase of 110.8% from 415.6 million yuan in the year-earlier period.

The normalized profit margin increased to 7.6% from 5.1% in the year-earlier period.

Total revenue increased 43.1% on an annual basis to 11.58 billion yuan from 8.09 billion yuan, and total operating expenses grew 35.3% year over year to 10.16 billion yuan from 7.51 billion yuan.

Reported net income increased 66.4% on an annual basis to 978.1 million yuan, or 3 fen per share, from 587.7 million yuan, or 4 fen per share.

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