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Shanghai Beite Technology Q1 profit climbs YOY

Shanghai Beite Technology Co. Ltd. said its normalized net income for the first quarter was 3 fen per share, a decrease of 25.3% from 4 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 8.9 million yuan, compared with 8.8 million yuan in the year-earlier period.

The normalized profit margin fell to 5.6% from 6.3% in the year-earlier period.

Total revenue climbed 14.8% on an annual basis to 160.7 million yuan from 140.0 million yuan, and total operating expenses increased 16.2% year over year to 141.3 million yuan from 121.6 million yuan.

Reported net income grew on an annual basis to 11.4 million yuan, or 4 fen per share, from 11.0 million yuan, or 6 fen per share.

As of April 28, US$1 was equivalent to 6.20 yuan.