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Giant Network Group Q1 profit climbs 102.4% YOY

Giant Network Group Co. Ltd. said its normalized net income for the first quarter was 11 fen per share, a gain of 61.1% from 7 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 226.0 million yuan, a gain of 102.4% from 111.6 million yuan in the year-earlier period.

The normalized profit margin rose to 30.2% from 25.2% in the year-earlier period.

Total revenue increased 68.8% on an annual basis to 748.2 million yuan from 443.2 million yuan, and total operating expenses climbed 50.5% year over year to 432.4 million yuan from 287.2 million yuan.

Reported net income increased 128.5% on an annual basis to 339.0 million yuan, or 17 fen per share, from 148.4 million yuan, or 9 fen per share.

As of April 27, US$1 was equivalent to 6.89 yuan.