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Guangdong Vanward New Electric Q1 profit climbs 16.3% YOY

Guangdong Vanward New Electric Co. Ltd. said its first-quarter normalized net income amounted to 17 fen per share, a gain of 12.3% from 15 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 76.2 million yuan, a gain of 16.3% from 65.5 million yuan in the prior-year period.

The normalized profit margin rose to 6.6% from 5.9% in the year-earlier period.

Total revenue grew 5.6% year over year to 1.17 billion yuan from 1.11 billion yuan, and total operating expenses rose year over year to 1.06 billion yuan from 1.02 billion yuan.

Reported net income rose 25.4% year over year to 103.2 million yuan, or 23 fen per share, from 82.3 million yuan, or 19 fen per share.

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