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Zhejiang Orient Q1 profit falls YOY

Zhejiang Orient Holdings Co. Ltd. said its normalized net income for the first quarter came to 14 fen per share, a decrease of 25.4% from 19 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 69.6 million yuan, a decrease of 25.3% from 93.3 million yuan in the year-earlier period.

The normalized profit margin declined to 5.1% from 6.0% in the year-earlier period.

Total revenue fell 12.9% year over year to 1.36 billion yuan from 1.56 billion yuan, and total operating expenses declined 13.8% from the prior-year period to 1.33 billion yuan from 1.54 billion yuan.

Reported net income declined 32.1% from the prior-year period to 94.9 million yuan, or 19 fen per share, from 139.7 million yuan, or 28 fen per share.

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