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Zhejiang Aishida Electric Q1 profit climbs YOY

Zhejiang Aishida Electric Co. Ltd said its normalized net income for the first quarter amounted to 9 fen per share, an increase from 4 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 27.2 million yuan, an increase from 12.3 million yuan in the prior-year period.

The normalized profit margin increased to 5.4% from 2.5% in the year-earlier period.

Total revenue totaled 505.4 million yuan, compared with 501.6 million yuan in the year-earlier period, and total operating expenses fell year over year to 467.0 million yuan from 478.2 million yuan.

Reported net income increased 98.2% on an annual basis to 32.4 million yuan, or 11 fen per share, from 16.4 million yuan, or 5 fen per share.

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