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Xuchang Yuandong Drive Shaft Q1 profit falls YOY

Xuchang Yuandong Drive Shaft Co. Ltd. said its first-quarter normalized net income amounted to 3 fen per share, a decrease of 31.2% from 5 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 19.2 million yuan, a decline of 27.9% from 26.7 million yuan in the year-earlier period.

The normalized profit margin fell to 8.7% from 9.6% in the year-earlier period.

Total revenue fell 13.0% on an annual basis to 240.4 million yuan from 276.5 million yuan, and total operating expenses decreased 9.2% year over year to 215.1 million yuan from 236.9 million yuan.

Reported net income decreased 19.4% on an annual basis to 28.3 million yuan, or 5 fen per share, from 35.2 million yuan, or 7 fen per share.

As of April 24, US$1 was equivalent to 6.19 yuan.