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Zhejiang Wanfeng Auto Wheel Q1 profit climbs 36.9% YOY

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Zhejiang Wanfeng Auto Wheel Q1 profit climbs 36.9% YOY

Zhejiang Wanfeng Auto Wheel Co., Ltd. said its first-quarter normalized net income was 5 fen per share, a gain of 36.8% from 3 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 93.1 million yuan, a gain of 36.9% from 68.0 million yuan in the year-earlier period.

The normalized profit margin fell to 5.2% from 5.5% in the year-earlier period.

Total revenue rose 9.0% on an annual basis to 1.34 billion yuan from 1.23 billion yuan, and total operating expenses grew 5.9% from the prior-year period to 1.15 billion yuan from 1.08 billion yuan.

Reported net income grew 20.8% from the prior-year period to 112.6 million yuan, or 5 fen per share, from 93.3 million yuan, or 5 fen per share.

As of April 22, US$1 was equivalent to 6.19 yuan.