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Sanan Optoelectronics Q1 profit climbs 44.2% YOY

Sanan Optoelectronics Co. Ltd. said its normalized net income for the first quarter was 12 fen per share, a gain of 47.5% from 8 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 481.2 million yuan, a gain of 44.2% from 333.6 million yuan in the prior-year period.

The normalized profit margin fell to 24.2% from 28.3% in the year-earlier period.

Total revenue increased 68.9% on an annual basis to 1.99 billion yuan from 1.18 billion yuan, and total operating expenses increased 44.3% from the prior-year period to 1.23 billion yuan from 853.5 million yuan.

Reported net income rose 51.1% on an annual basis to 691.0 million yuan, or 17 fen per share, from 457.2 million yuan, or 11 fen per share.

As of April 24, US$1 was equivalent to 6.89 yuan.