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Zhejiang Wanfeng Auto Wheel Q3 profit climbs YOY

Zhejiang Wanfeng Auto Wheel Co., Ltd. said its normalized net income for the third quarter was 8 fen per share, a gain from 8 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 177.2 million yuan, a gain from 172.0 million yuan in the prior-year period.

The normalized profit margin declined to 7.6% from 8.3% in the year-earlier period.

Total revenue grew 11.8% year over year to 2.33 billion yuan from 2.08 billion yuan, and total operating expenses increased 13.4% year over year to 2.00 billion yuan from 1.76 billion yuan.

Reported net income increased 16.6% on an annual basis to 228.9 million yuan, or 11 fen per share, from 196.4 million yuan, or 9 fen per share.

As of Oct. 19, US$1 was equivalent to 6.73 yuan.