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Jiangnan Mould & Plastic Technology Q1 profit falls YOY

Jiangnan Mould & Plastic Technology Co. Ltd. said its first-quarter normalized net income came to 7 fen per share, a decline of 10.6% from 8 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 52.4 million yuan, a decrease from 53.2 million yuan in the prior-year period.

The normalized profit margin declined to 6.6% from 6.8% in the year-earlier period.

Total revenue totaled 790.5 million yuan, compared with 787.0 million yuan in the year-earlier period, and total operating expenses came to 701.8 million yuan, compared with 699.6 million yuan in the year-earlier period.

Reported net income declined 6.7% from the prior-year period to 69.2 million yuan, or 10 fen per share, from 74.2 million yuan, or 11 fen per share.

As of April 28, US$1 was equivalent to 6.48 yuan.