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Anhui Jianghuai Automobile Q1 profit falls YOY

Anhui Jianghuai Automobile Group Corp. Ltd. said its normalized net income for the first quarter was 16 fen per share, a decline of 5.9% from 17 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 201.7 million yuan, a decline of 8.5% from 220.4 million yuan in the year-earlier period.

The normalized profit margin fell to 1.9% from 2.3% in the year-earlier period.

Total revenue rose 13.7% year over year to 11.13 billion yuan from 9.79 billion yuan, and total operating expenses rose 14.9% from the prior-year period to 10.91 billion yuan from 9.50 billion yuan.

Reported net income fell 17.4% from the prior-year period to 215.1 million yuan, or 17 fen per share, from 260.4 million yuan, or 20 fen per share.

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