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Beijing Cuiwei Tower Q1 profit falls YOY

Beijing Cuiwei Tower Co. Ltd. said its normalized net income for the first quarter came to 8 fen per share, a decrease of 16.9% from 9 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 40.1 million yuan, a decrease of 6.3% from 42.8 million yuan in the prior-year period.

The normalized profit margin climbed to 2.5% from 2.5% in the year-earlier period.

Total revenue declined year over year to 1.61 billion yuan from 1.68 billion yuan, and total operating expenses decreased from the prior-year period to 1.55 billion yuan from 1.62 billion yuan.

Reported net income decreased year over year to 49.3 million yuan, or 9 fen per share, from 50.7 million yuan, or 11 fen per share.

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