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Chongqing Sokon Q1 profit climbs 16.4% YOY

Chongqing Sokon Industry Group Stock Co. Ltd. said its first-quarter normalized net income was 72.1 million yuan, a rise of 16.4% from 61.9 million yuan in the prior-year period.

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

The normalized profit margin fell to 2.3% from 2.6% in the year-earlier period.

Total revenue grew 28.9% on an annual basis to 3.10 billion yuan from 2.41 billion yuan, and total operating expenses climbed 29.9% from the prior-year period to 2.96 billion yuan from 2.28 billion yuan.

Reported net income totaled 87.4 million yuan, compared with 85.4 million yuan in the year-earlier period.

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