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Shandong Longji Machinery Q1 profit falls YOY

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Shandong Longji Machinery Q1 profit falls YOY

Shandong Longji Machinery Co. Ltd. said its normalized net income for the first quarter came to 3 fen per share, a decline of 17.2% from 4 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 10.3 million yuan, a decrease of 24.1% from 13.5 million yuan in the year-earlier period.

The normalized profit margin declined to 4.0% from 4.5% in the year-earlier period.

Total revenue fell year over year to 290.7 million yuan from 300.3 million yuan, and total operating expenses came to 271.3 million yuan, compared with 272.4 million yuan in the prior-year period.

Reported net income increased 22.2% on an annual basis to 23.5 million yuan, or 8 fen per share, from 19.2 million yuan, or 6 fen per share.

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