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WanXiang Doneed Q1 profit climbs 26.8% YOY

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WanXiang Doneed Q1 profit climbs 26.8% YOY

WanXiang Doneed Co. Ltd. said its normalized net income for the first quarter amounted to 2 fen per share, a gain of 27.7% from 2 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 4.9 million yuan, a gain of 26.8% from 3.9 million yuan in the year-earlier period.

The normalized profit margin increased to 6.4% from 3.3% in the year-earlier period.

Total revenue fell 8.4% year over year to 108.7 million yuan from 118.7 million yuan, and total operating expenses fell 9.8% year over year to 99.6 million yuan from 110.4 million yuan.

Reported net income came to 6.3 million yuan, or 3 fen per share, compared to a loss of 9.0 million yuan, or a loss of 4 fen per share, in the year-earlier period.

As of April 21, US$1 was equivalent to 6.20 yuan.