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Sunvim Group Q1 profit climbs 14.4% YOY

Sunvim Group Co. Ltd. said its first-quarter normalized net income amounted to 7 fen per share, a gain of 12.0% from 6 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 64.0 million yuan, an increase of 14.4% from 55.9 million yuan in the year-earlier period.

The normalized profit margin rose to 5.7% from 5.2% in the year-earlier period.

Total revenue increased 5.0% on an annual basis to 1.12 billion yuan from 1.07 billion yuan, and total operating expenses grew from the prior-year period to 988.5 million yuan from 944.3 million yuan.

Reported net income increased 16.8% on an annual basis to 74.9 million yuan, or 8 fen per share, from 64.2 million yuan, or 7 fen per share.

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