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Qingdao Kingking Applied Chemistry Q1 profit climbs YOY

Qingdao Kingking Applied Chemistry Co. Ltd. said its normalized net income for the first quarter came to 8.0 million yuan, an increase from 2.4 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 4.5% from 1.3% in the year-earlier period.

Total revenue decreased 6.5% on an annual basis to 178.1 million yuan from 190.5 million yuan, and total operating expenses fell 17.9% from the prior-year period to 152.3 million yuan from 185.4 million yuan.

Reported net income grew 88.3% on an annual basis to 10.3 million yuan, or 3 fen per share, from 5.5 million yuan, or 2 fen per share.

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