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Kangyue Technology Q1 profit falls YOY

Kangyue Technology Co. Ltd. said its normalized net income for the first quarter came to 280,800 yuan, a decline of 91.7% from 3.4 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 3.1% from 5.8% in the year-earlier period.

Total revenue totaled 58.5 million yuan, compared with 58.3 million yuan in the year-earlier period, and total operating expenses rose 15.1% on an annual basis to 55.8 million yuan from 48.5 million yuan.

Reported net income decreased 47.8% from the prior-year period to 2.8 million yuan, or 2 fen per share, from 5.4 million yuan, or 4 fen per share.

As of April 16, US$1 was equivalent to 6.19 yuan.