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Shanghai Electric Q1 profit falls YOY

Shanghai Electric Group Co. Ltd. said its normalized net income for the first quarter came to 3 fen per share, a decrease of 41.0% from 5 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 365.4 million yuan, a decline of 41.0% from 619.7 million yuan in the prior-year period.

The normalized profit margin dropped to 2.3% from 3.9% in the year-earlier period.

Total revenue increased year over year to 16.11 billion yuan from 15.72 billion yuan, and total operating expenses grew year over year to 15.11 billion yuan from 14.54 billion yuan.

Reported net income declined on an annual basis to 651.2 million yuan, or 5 fen per share, from 669.8 million yuan, or 5 fen per share.

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