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Kangde Xin Composite Material Q1 profit climbs 22.2% YOY

Kangde Xin Composite Material Group Co. Ltd. said its first-quarter normalized net income amounted to 8 fen per share, a gain of 22.8% from 6 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 223.9 million yuan, an increase of 22.2% from 183.3 million yuan in the year-earlier period.

The normalized profit margin fell to 15.0% from 15.0% in the year-earlier period.

Total revenue climbed 22.9% year over year to 1.50 billion yuan from 1.22 billion yuan, and total operating expenses rose 19.3% on an annual basis to 1.08 billion yuan from 902.1 million yuan.

Reported net income increased 40.2% on an annual basis to 293.1 million yuan, or 10 fen per share, from 209.0 million yuan, or 7 fen per share.

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