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China Railway Construction Q1 profit climbs YOY

China Railway Construction Corp. Ltd. said its first-quarter normalized net income was 14 fen per share, compared with the S&P Capital IQ consensus estimate of 13 fen per share.

EPS increased 5.3% year over year from 13 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.71 billion yuan, a gain from 1.68 billion yuan in the prior-year period.

The normalized profit margin increased to 1.6% from 1.6% in the year-earlier period.

Total revenue increased 8.3% year over year to 117.08 billion yuan from 108.14 billion yuan, and total operating expenses climbed 8.0% on an annual basis to 112.89 billion yuan from 104.53 billion yuan.

Reported net income rose 8.7% from the prior-year period to 2.18 billion yuan, or 18 fen per share, from 2.00 billion yuan, or 16 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.