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Ningbo Zhoushan Port Q1 profit climbs 7.5% YOY

Ningbo Zhoushan Port Co. Ltd. said its normalized net income for the first quarter amounted to 4 fen per share, an increase from 4 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 524.1 million yuan, an increase of 7.5% from 487.6 million yuan in the prior-year period.

The normalized profit margin rose to 13.7% from 10.1% in the year-earlier period.

Total revenue fell 21.1% on an annual basis to 3.82 billion yuan from 4.84 billion yuan, and total operating expenses fell 27.5% on an annual basis to 3.00 billion yuan from 4.14 billion yuan.

Reported net income came to 681.9 million yuan, or 5 fen per share, compared with 661.5 million yuan, or 5 fen per share, in the year-earlier period.

As of April 28, US$1 was equivalent to 6.90 yuan.