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Zhenjiang Dongfang Q1 profit falls YOY

Zhenjiang Dongfang Electric Heating Technology Co. Ltd. said its normalized net income for the first quarter amounted to 1 fen per share, a decline of 25.2% from 2 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 14.2 million yuan, a decrease of 25.2% from 19.0 million yuan in the year-earlier period.

The normalized profit margin declined to 6.1% from 8.1% in the year-earlier period.

Total revenue came to 236.4 million yuan, compared with 234.3 million yuan in the prior-year period, and total operating expenses increased 5.3% year over year to 213.3 million yuan from 202.7 million yuan.

Reported net income fell 18.9% on an annual basis to 20.9 million yuan, or 2 fen per share, from 25.8 million yuan, or 2 fen per share.

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