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Chongqing Brewery Q1 profit climbs YOY

Chongqing Brewery Co. Ltd. said its first-quarter normalized net income was 6 fen per share, a gain from 5 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 27.7 million yuan, a gain from 26.6 million yuan in the prior-year period.

The normalized profit margin declined to 3.9% from 4.0% in the year-earlier period.

Total revenue rose 6.0% on an annual basis to 704.4 million yuan from 664.6 million yuan, and total operating expenses grew 8.4% from the prior-year period to 681.0 million yuan from 628.2 million yuan.

Reported net income declined 14.8% from the prior-year period to 22.1 million yuan, or 5 fen per share, from 25.9 million yuan, or 5 fen per share.

As of April 28, US$1 was equivalent to 6.20 yuan.