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Zhejiang Tiancheng Q3 profit climbs 26.3% YOY

Zhejiang Tiancheng Controls Co. Ltd. said its third-quarter normalized net income amounted to 3 fen per share, a gain of 5.3% from 3 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 6.8 million yuan, a gain of 26.3% from 5.3 million yuan in the year-earlier period.

The normalized profit margin fell to 7.1% from 8.8% in the year-earlier period.

Total revenue grew 50.7% on an annual basis to 91.6 million yuan from 60.8 million yuan, and total operating expenses climbed 52.2% from the prior-year period to 81.6 million yuan from 53.6 million yuan.

Reported net income grew 13.0% on an annual basis to 9.3 million yuan, or 5 fen per share, from 8.3 million yuan, or 5 fen per share.

As of Oct. 25, US$1 was equivalent to 6.78 yuan.