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Jiangsu Yunyi Electric Q1 profit falls YOY

Jiangsu Yunyi Electric Co. Ltd. said its normalized net income for the first quarter came to 2 fen per share, a decline of 23.0% from 2 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 13.0 million yuan, a decrease of 17.9% from 15.8 million yuan in the prior-year period.

The normalized profit margin declined to 12.5% from 15.7% in the year-earlier period.

Total revenue climbed 10.7% year over year to 111.6 million yuan from 100.8 million yuan, and total operating expenses increased 15.7% from the prior-year period to 92.0 million yuan from 79.6 million yuan.

Reported net income fell 12.6% year over year to 18.8 million yuan, or 2 fen per share, from 21.5 million yuan, or 3 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.