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Lifan Industry Q1 profit falls YOY

Lifan Industry (Group) Co. Ltd. said its first-quarter normalized net income amounted to 7 fen per share, a decrease of 37.1% from 11 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 88.6 million yuan, a decline of 18.3% from 108.5 million yuan in the year-earlier period.

The normalized profit margin declined to 3.6% from 4.3% in the year-earlier period.

Total revenue increased on an annual basis to 2.55 billion yuan from 2.50 billion yuan, and total operating expenses rose on an annual basis to 2.39 billion yuan from 2.33 billion yuan.

Reported net income grew year over year to 117.9 million yuan, or 9 fen per share, from 116.2 million yuan, or 12 fen per share.

As of April 28, US$1 was equivalent to 6.20 yuan.