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Guangdong Guanghong profit holds mostly steady YOY in Q1

Guangdong Guanghong Holdings Co. Ltd. said its first-quarter normalized net income amounted to 3 fen per share, a decline of 5.0% from 3 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 17.8 million yuan, compared with 17.7 million yuan in the prior-year period.

The normalized profit margin declined to 3.6% from 3.9% in the year-earlier period.

Total revenue climbed 6.4% on an annual basis to 486.0 million yuan from 456.8 million yuan, and total operating expenses increased 6.0% from the prior-year period to 463.4 million yuan from 437.1 million yuan.

Reported net income came to 18.7 million yuan, or 3 fen per share, compared to 17.7 million yuan, or 3 fen per share, in the prior-year period.

As of April 24, US$1 was equivalent to 6.19 yuan.