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CNFC Overseas Fisheries Q1 profit climbs YOY

CNFC Overseas Fisheries Co. Ltd. said its normalized net income for the first quarter was 1 fen per share, an increase from 1 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 3.3 million yuan, an increase from 3.2 million yuan in the prior-year period.

The normalized profit margin declined to 2.3% from 4.2% in the year-earlier period.

Total revenue grew 86.4% on an annual basis to 142.1 million yuan from 76.2 million yuan, and total operating expenses grew 54.2% from the prior-year period to 148.1 million yuan from 96.0 million yuan.

Reported net income declined 7.8% from the prior-year period to 4.4 million yuan, or 1 fen per share, from 4.7 million yuan, or 1 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.