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Fujian Zhangzhou Development Q1 profit falls YOY

Fujian Zhangzhou Development Co. Ltd said its normalized net income for the first quarter came to 1.7 million yuan, a decline of 66.5% from 5.1 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 fell to 0.4% from 0.7% in the year-earlier period.

Total revenue increased 10.8% year over year to 789.7 million yuan from 712.9 million yuan, and total operating expenses climbed 11.8% on an annual basis to 774.2 million yuan from 692.4 million yuan.

Reported net income rose from the prior-year period to 7.8 million yuan, or 1 fen per share, from 2.9 million yuan, or 0 fen per share.

As of April 27, US$1 was equivalent to 6.50 yuan.