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Kangyue Technology Q1 profit falls YOY

Kangyue Technology Co. Ltd. said its normalized net income for the first quarter came to 1.2 million yuan, a decline of 34.9% from 1.8 million yuan in the year-earlier period.

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

The normalized profit margin declined to 1.9% from 3.1% in the year-earlier period.

Total revenue increased 5.8% year over year to 61.8 million yuan from 58.5 million yuan, and total operating expenses increased 9.7% year over year to 61.2 million yuan from 55.8 million yuan.

Reported net income declined 52.7% on an annual basis to 1.3 million yuan, or 1 fen per share, from 2.8 million yuan, or 2 fen per share.

As of April 15, US$1 was equivalent to 6.47 yuan.