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Shanghai Lianming Machinery Q1 profit falls YOY

Shanghai Lianming Machinery Co. Ltd. said its normalized net income for the first quarter was 8 fen per share, a decline of 32.1% from 12 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 12.5 million yuan, a decline of 10.6% from 14.0 million yuan in the prior-year period.

The normalized profit margin fell to 12.4% from 13.1% in the year-earlier period.

Total revenue climbed 20.5% on an annual basis to 129.0 million yuan from 107.1 million yuan, and total operating expenses rose 30.2% year over year to 109.2 million yuan from 83.9 million yuan.

Reported net income decreased 10.7% from the prior-year period to 15.0 million yuan, or 10 fen per share, from 16.8 million yuan, or 14 fen per share.

As of April 27, US$1 was equivalent to 6.22 yuan.