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Guangdong Haid Q1 profit climbs YOY

Guangdong Haid Group Co. Ltd. said its first-quarter normalized net income came to 15.5 million yuan, a rise from 6.4 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 increased to 0.5% from 0.2% in the year-earlier period.

Total revenue grew 15.9% on an annual basis to 3.52 billion yuan from 3.04 billion yuan, and total operating expenses rose 15.4% from the prior-year period to 3.47 billion yuan from 3.00 billion yuan.

Reported net income increased 53.4% on an annual basis to 12.5 million yuan, or 1 fen per share, from 8.2 million yuan, or 1 fen per share.

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