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Haima Automobile Q1 profit falls YOY

Haima Automobile Group Co. Ltd. said its normalized net income for the first quarter amounted to 6 fen per share, a decrease from 6 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 92.5 million yuan, a decline from 96.7 million yuan in the prior-year period.

The normalized profit margin fell to 2.4% from 2.7% in the year-earlier period.

Total revenue climbed 7.7% on an annual basis to 3.89 billion yuan from 3.61 billion yuan, and total operating expenses grew 11.0% on an annual basis to 3.82 billion yuan from 3.44 billion yuan.

Reported net income fell 35.4% year over year to 83.7 million yuan, or 5 fen per share, from 129.5 million yuan, or 8 fen per share.

As of April 29, US$1 was equivalent to 6.48 yuan.