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Hisense Kelon Electrical Q1 profit falls YOY

Hisense Kelon Electrical Holdings Company Ltd said its first-quarter normalized net income came to 10 fen per share, a decrease of 30.5% from 15 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 134.2 million yuan, a decline of 31.1% from 194.8 million yuan in the prior-year period.

The normalized profit margin dropped to 2.1% from 3.0% in the year-earlier period.

Total revenue totaled 6.43 billion yuan, compared with 6.40 billion yuan in the prior-year period, and total operating expenses grew from the prior-year period to 6.37 billion yuan from 6.17 billion yuan.

Reported net income came to 224.5 million yuan, or 17 fen per share, compared to 226.6 million yuan, or 17 fen per share, in the year-earlier period.

As of April 27, US$1 was equivalent to 6.22 yuan.