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Materials Industry Zhongda Q1 profit climbs YOY

Wuchan Zhongda Group Co.,Ltd. said its first-quarter normalized net income amounted to 6 fen per share, a decrease of 19.4% from 7 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 113.8 million yuan, a gain from 111.9 million yuan in the prior-year period.

The normalized profit margin fell to 0.5% from 1.1% in the year-earlier period.

Total revenue fell 10.4% on an annual basis to 9.17 billion yuan from 10.24 billion yuan, and total operating expenses declined 10.6% year over year to 8.89 billion yuan from 9.94 billion yuan.

Reported net income rose 5.9% from the prior-year period to 142.6 million yuan, or 7 fen per share, from 134.7 million yuan, or 9 fen per share.

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