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Gansu Yasheng Industrial Q1 profit falls YOY

Gansu Yasheng Industrial (Group) Co. Ltd. said its first-quarter normalized net income was 18.7 million yuan, a fall of 46.2% from 34.9 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 4.7% from 7.1% in the year-earlier period.

Total revenue decreased 12.3% on an annual basis to 432.7 million yuan from 493.6 million yuan, and total operating expenses fell 12.9% from the prior-year period to 377.6 million yuan from 433.6 million yuan.

Reported net income decreased 46.1% from the prior-year period to 29.0 million yuan, or 1 fen per share, from 53.9 million yuan, or 3 fen per share.

As of April 23, US$1 was equivalent to 6.20 yuan.