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SORL Auto Parts Q1 profit falls YOY

SORL Auto Parts Inc. said its first-quarter normalized net income came to 1 cents per share, a decline of 90.7% from 13 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $229,440, a decline of 90.7% from $2.5 million in the year-earlier period.

The normalized profit margin declined to 0.4% from 4.7% in the year-earlier period.

Total revenue increased on an annual basis to $53.8 million from $52.2 million, and total operating expenses rose 10.6% year over year to $52.7 million from $47.7 million.

Reported net income fell 87.5% year over year to $386,100, or 2 cents per share, from $3.1 million, or 16 cents per share.