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Harbin VITI Q1 profit climbs YOY

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Harbin VITI Q1 profit climbs YOY

Harbin VITI Electronics Co. Ltd. said its normalized net income for the first quarter came to 10.5 million yuan, an increase from 10.3 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 26.4% from 25.1% in the year-earlier period.

Total revenue declined on an annual basis to 40.3 million yuan from 41.0 million yuan, and total operating expenses decreased 6.5% year over year to 23.7 million yuan from 25.3 million yuan.

Reported net income declined year over year to 13.8 million yuan, or 5 fen per share, from 14.0 million yuan.

As of May 11, US$1 was equivalent to 6.21 yuan.