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Shanghai Xin Nanyang Q1 profit climbs YOY

Shanghai Xin Nanyang Co. Ltd. said its first-quarter normalized net income came to 5 fen per share, an increase of 98.4% from 3 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 13.5 million yuan, a gain from 6.6 million yuan in the prior-year period.

The normalized profit margin increased to 5.6% from 3.0% in the year-earlier period.

Total revenue increased 9.2% on an annual basis to 241.6 million yuan from 221.1 million yuan, and total operating expenses rose 21.0% on an annual basis to 248.8 million yuan from 205.6 million yuan.

Reported net income increased 14.0% year over year to 8.4 million yuan, or 3 fen per share, from 7.4 million yuan, or 3 fen per share.

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