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Orient International Enterprise Q1 profit climbs 82.3% YOY

Orient International Enterprise Ltd. said its normalized net income for the first quarter was 7 fen per share, a gain of 64.4% from 4 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 36.8 million yuan, an increase of 82.3% from 20.2 million yuan in the year-earlier period.

The normalized profit margin increased to 1.1% from 0.6% in the year-earlier period.

Total revenue decreased on an annual basis to 3.34 billion yuan from 3.46 billion yuan, and total operating expenses fell on an annual basis to 3.33 billion yuan from 3.43 billion yuan.

Reported net income increased 99.5% from the prior-year period to 47.6 million yuan, or 9 fen per share, from 23.8 million yuan, or 5 fen per share.

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