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Guangdong Vanward New Electric Q1 profit climbs 22.7% YOY

Guangdong Vanward New Electric Co. Ltd. said its normalized net income for the first quarter amounted to 21 fen per share, an increase of 24.0% from 17 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 94.4 million yuan, a gain of 22.7% from 76.9 million yuan in the prior-year period.

The normalized profit margin rose to 7.3% from 6.6% in the year-earlier period.

Total revenue climbed 10.5% year over year to 1.29 billion yuan from 1.17 billion yuan, and total operating expenses rose 7.9% from the prior-year period to 1.15 billion yuan from 1.06 billion yuan.

Reported net income grew on an annual basis to 106.6 million yuan, or 24 fen per share, from 103.2 million yuan, or 23 fen per share.

As of April 25, US$1 was equivalent to 6.49 yuan.