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HMT (Xiamen) New Technical Materials Q1 profit climbs 90.3% YOY

HMT (Xiamen) New Technical Materials Co. Ltd. said its first-quarter normalized net income was 16 fen per share, a gain of 42.7% 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 33.6 million yuan, a gain of 90.3% from 17.6 million yuan in the prior-year period.

The normalized profit margin rose to 19.5% from 16.0% in the year-earlier period.

Total revenue climbed 55.1% year over year to 171.4 million yuan from 110.5 million yuan, and total operating expenses rose 46.9% year over year to 120.4 million yuan from 81.9 million yuan.

Reported net income increased 71.1% from the prior-year period to 40.1 million yuan, or 19 fen per share, from 23.4 million yuan, or 15 fen per share.

As of April 20, US$1 was equivalent to 6.20 yuan.