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Wanxiang Qianchao Q1 profit climbs 12.4% YOY

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Wanxiang Qianchao Q1 profit climbs 12.4% YOY

Wanxiang Qianchao Co. Ltd. said its first-quarter normalized net income was 5 fen per share, an increase of 12.3% from 5 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 141.5 million yuan, an increase of 12.4% from 125.9 million yuan in the year-earlier period.

The normalized profit margin increased to 5.8% from 5.5% in the year-earlier period.

Total revenue climbed 8.1% year over year to 2.50 billion yuan from 2.31 billion yuan, and total operating expenses grew 6.9% year over year to 2.23 billion yuan from 2.08 billion yuan.

Reported net income grew 13.9% on an annual basis to 205.3 million yuan, or 7 fen per share, from 180.2 million yuan, or 7 fen per share.

As of April 27, US$1 was equivalent to 6.22 yuan.