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Fangda Special Steel Technology Q1 profit falls YOY

Fangda Special Steel Technology Co. Ltd. said its normalized net income for the first quarter came to 4 fen per share, compared with 4 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 51.9 million yuan, a decrease of 6.4% from 55.5 million yuan in the year-earlier period.

The normalized profit margin rose to 3.1% from 2.7% in the year-earlier period.

Total revenue fell 17.1% on an annual basis to 1.70 billion yuan from 2.05 billion yuan, and total operating expenses decreased 17.3% on an annual basis to 1.59 billion yuan from 1.93 billion yuan.

Reported net income totaled 61.8 million yuan, or 5 fen per share, compared to 66.3 million yuan, or 5 fen per share, in the prior-year period.

As of April 22, US$1 was equivalent to 6.50 yuan.