Ningbo Gaofa Automotive Control System Co. Ltd. said its first-quarter normalized net income amounted to 16 fen per share, a decrease of 9.2% from 18 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 20.6 million yuan, a gain of 14.6% from 18.0 million yuan in the year-earlier period.
The normalized profit margin dropped to 12.5% from 12.8% in the year-earlier period.
Total revenue increased 18.2% on an annual basis to 165.5 million yuan from 140.0 million yuan, and total operating expenses grew 18.5% from the prior-year period to 133.1 million yuan from 112.3 million yuan.
Reported net income grew 15.2% on an annual basis to 26.9 million yuan, or 21 fen per share, from 23.4 million yuan, or 23 fen per share.
As of April 21, US$1 was equivalent to 6.20 yuan.
