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Sailun Jinyu Q1 profit falls YOY

Sailun Jinyu Group Co. Ltd. said its first-quarter normalized net income amounted to 18.2 million yuan, a decrease of 73.4% from 68.4 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 declined to 1.0% from 2.9% in the year-earlier period.

Total revenue decreased 17.0% on an annual basis to 1.98 billion yuan from 2.39 billion yuan, and total operating expenses decreased 16.3% from the prior-year period to 1.88 billion yuan from 2.24 billion yuan.

Reported net income declined 66.9% on an annual basis to 32.0 million yuan, or 1 fen per share, from 96.5 million yuan, or 5 fen per share.

As of April 30, US$1 was equivalent to 6.20 yuan.