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Dalian Friendship Q1 profit climbs YOY

Dalian Friendship (Group) Co. Ltd. said its normalized net income for the first quarter amounted to 29 fen per share, an increase 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 102.2 million yuan, an increase from 20.8 million yuan in the prior-year period.

The normalized profit margin climbed to 12.8% from 2.7% in the year-earlier period.

Total revenue climbed on an annual basis to 803.3 million yuan from 777.5 million yuan, and total operating expenses grew 9.1% on an annual basis to 767.9 million yuan from 703.5 million yuan.

Reported net income increased from the prior-year period to 124.9 million yuan, or 35 fen per share, from 19.8 million yuan, or 6 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.