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Guirenniao Q1 profit climbs 28.7% YOY

Guirenniao Co. Ltd. said its first-quarter normalized net income came to 14 fen per share, an increase of 28.7% 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 86.1 million yuan, a gain of 28.7% from 66.9 million yuan in the year-earlier period.

The normalized profit margin rose to 16.5% from 12.1% in the year-earlier period.

Total revenue decreased 5.5% year over year to 522.6 million yuan from 553.0 million yuan, and total operating expenses decreased 19.0% on an annual basis to 359.1 million yuan from 443.2 million yuan.

Reported net income came to 76.6 million yuan, or 12 fen per share, compared to 76.1 million yuan, or 12 fen per share, in the prior-year period.

As of April 27, US$1 was equivalent to 6.22 yuan.