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Hongda High-Tech Holding Q1 profit climbs YOY

Hongda High-Tech Holding Co. Ltd. said its normalized net income for the first quarter came to 47 fen per share, an increase 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 83.7 million yuan, an increase from 12.9 million yuan in the year-earlier period.

The normalized profit margin rose to 74.4% from 11.2% in the year-earlier period.

Total revenue declined year over year to 112.6 million yuan from 115.3 million yuan, and total operating expenses climbed 5.2% year over year to 104.0 million yuan from 98.9 million yuan.

Reported net income grew from the prior-year period to 111.3 million yuan, or 63 fen per share, from 17.9 million yuan, or 10 fen per share.

As of April 24, US$1 was equivalent to 6.19 yuan.