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Jiangsu Xiuqiang Glasswork Q1 profit climbs 55.4% YOY

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Jiangsu Xiuqiang Glasswork Q1 profit climbs 55.4% YOY

Jiangsu Xiuqiang Glasswork Co. Ltd. said its normalized net income for the first quarter was 3 fen per share, an increase of 55.3% 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 18.0 million yuan, a gain of 55.4% from 11.6 million yuan in the prior-year period.

The normalized profit margin increased to 8.9% from 6.3% in the year-earlier period.

Total revenue climbed 12.9% on an annual basis to 207.3 million yuan from 183.6 million yuan, and total operating expenses rose 7.2% from the prior-year period to 179.3 million yuan from 167.3 million yuan.

Reported net income grew 33.5% on an annual basis to 21.7 million yuan, or 4 fen per share, from 16.2 million yuan, or 3 fen per share.

As of April 22, US$1 was equivalent to 6.19 yuan.