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Wanxiang Qianchao Q3 profit climbs 13.9% YOY

Wanxiang Qianchao Co.Ltd. said its normalized net income for the third quarter came to 3 fen per share, an increase of 14.9% from 3 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 95.4 million yuan, a gain of 13.9% from 83.8 million yuan in the year-earlier period.

The normalized profit margin fell to 3.9% from 4.3% in the year-earlier period.

Total revenue increased 24.8% on an annual basis to 2.45 billion yuan from 1.97 billion yuan, and total operating expenses grew 24.4% on an annual basis to 2.28 billion yuan from 1.84 billion yuan.

Reported net income increased 12.1% on an annual basis to 138.1 million yuan, or 5 fen per share, from 123.2 million yuan, or 4 fen per share.

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