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Guangdong Sitong Q1 profit falls YOY

Guangdong Sitong Group Co. Ltd. said its normalized net income for the first quarter amounted to 5 fen per share, a decline of 6.1% from 5 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 9.4 million yuan, a decrease of 7.2% from 10.1 million yuan in the year-earlier period.

The normalized profit margin climbed to 9.8% from 9.3% in the year-earlier period.

Total revenue rose year over year to 112.7 million yuan from 108.7 million yuan, and total operating expenses grew year over year to 97.7 million yuan from 94.5 million yuan.

Reported net income increased 25.2% on an annual basis to 15.8 million yuan, or 8 fen per share, from 12.7 million yuan, or 6 fen per share.

As of June 10, US$1 was equivalent to 6.20 yuan.