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Shanghai Dragon Q1 profit climbs 8.1% YOY

Shanghai Dragon Corp. said its first-quarter normalized net income was 3 fen per share, a gain of 11.6% from 2 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 12.2 million yuan, a gain of 8.1% from 11.3 million yuan in the prior-year period.

The normalized profit margin rose to 1.5% from 1.2% in the year-earlier period.

Total revenue totaled 953.5 million yuan, compared with 945.8 million yuan in the year-earlier period, and total operating expenses came to 938.3 million yuan, compared with 930.4 million yuan in the year-earlier period.

Reported net income increased 29.2% from the prior-year period to 17.8 million yuan, or 4 fen per share, from 13.7 million yuan, or 3 fen per share.

As of April 28, US$1 was equivalent to 6.20 yuan.