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Changchun Yidong Clutch Q1 profit falls YOY

Changchun Yidong Clutch Co. Ltd. said its first-quarter normalized net income came to 2 fen per share, a decline of 38.9% from 3 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 2.5 million yuan, a decline of 39.0% from 4.2 million yuan in the year-earlier period.

The normalized profit margin declined to 2.5% from 2.5% in the year-earlier period.

Total revenue declined 24.1% year over year to 127.4 million yuan from 167.8 million yuan, and total operating expenses fell 22.2% on an annual basis to 118.2 million yuan from 152.1 million yuan.

Reported net income declined 30.3% year over year to 5.3 million yuan, or 4 fen per share, from 7.5 million yuan, or 5 fen per share.

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