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Guangdong Hongteo Accurate Technology Q1 profit falls YOY

Guangdong Hongteo Accurate Technology Co. Ltd. said its first-quarter normalized net income came to 2 fen per share, a decline of 49.1% 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 2.0 million yuan, a decrease of 49.0% from 4.0 million yuan in the prior-year period.

The normalized profit margin rose to 1.4% from 1.4% in the year-earlier period.

Total revenue climbed 13.8% on an annual basis to 325.7 million yuan from 286.1 million yuan, and total operating expenses climbed 14.4% from the prior-year period to 310.6 million yuan from 271.5 million yuan.

Reported net income grew 5.6% year over year to 5.6 million yuan, or 5 fen per share, from 5.3 million yuan, or 5 fen per share.

As of April 23, US$1 was equivalent to 6.20 yuan.