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Zheshang Securities Q1 profit climbs 23.7% YOY

Zheshang Securities Co. Ltd. said its first-quarter normalized net income came to 7 fen per share, an increase of 19.4% from 6 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 213.3 million yuan, an increase of 23.7% from 172.4 million yuan in the prior-year period.

The normalized profit margin climbed to 21.1% from 18.0% in the year-earlier period.

Total revenue rose 5.3% on an annual basis to 1.01 billion yuan from 958.7 million yuan, and total operating expenses declined year over year to 673.0 million yuan from 693.0 million yuan.

Reported net income grew 33.2% from the prior-year period to 263.9 million yuan, or 9 fen per share, from 198.1 million yuan, or 7 fen per share.

As of May 16, US$1 was equivalent to 6.89 yuan.