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V V Food & Beverage Q1 profit climbs YOY

V V Food & Beverage Co. Ltd. said its normalized net income for the first quarter was 6 fen per share, a gain from 2 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 86.7 million yuan, a gain from 31.9 million yuan in the year-earlier period.

The normalized profit margin climbed to 7.2% from 2.8% in the year-earlier period.

Total revenue rose 5.2% on an annual basis to 1.21 billion yuan from 1.15 billion yuan, and total operating expenses rose year over year to 1.05 billion yuan from 1.02 billion yuan.

Reported net income rose 43.8% on an annual basis to 61.0 million yuan, or 4 fen per share, from 42.4 million yuan, or 3 fen per share.

As of April 24, US$1 was equivalent to 6.19 yuan.