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DongFeng Automobile Q1 profit climbs 54.4% YOY

DongFeng Automobile Co. LTD said its first-quarter normalized net income amounted to 5 fen per share, an increase of 54.6% from 3 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 107.8 million yuan, an increase of 54.4% from 69.9 million yuan in the year-earlier period.

The normalized profit margin increased to 3.5% from 2.0% in the year-earlier period.

Total revenue fell 5.4% year over year to 3.31 billion yuan from 3.50 billion yuan, and total operating expenses fell 8.8% from the prior-year period to 3.25 billion yuan from 3.56 billion yuan.

Reported net income decreased 11.4% year over year to 121.3 million yuan, or 6 fen per share, from 136.9 million yuan, or 7 fen per share.

As of April 29, US$1 was equivalent to 6.48 yuan.