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Guizhou Tyre Q1 profit falls YOY

Guizhou Tyre Co. Ltd. said its normalized net income for the first quarter came to 5 fen per share, a decrease of 46.1% from 8 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 32.5 million yuan, a decline of 20.1% from 40.7 million yuan in the year-earlier period.

The normalized profit margin rose to 3.0% from 2.7% in the year-earlier period.

Total revenue declined 28.0% on an annual basis to 1.07 billion yuan from 1.48 billion yuan, and total operating expenses declined 28.0% on an annual basis to 983.6 million yuan from 1.37 billion yuan.

Reported net income declined 19.1% year over year to 43.3 million yuan, or 6 fen per share, from 53.6 million yuan, or 11 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.