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Tibet Galaxy Science & Technology Q1 profit falls YOY

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Tibet Galaxy Science & Technology Q1 profit falls YOY

Tibet Galaxy Science & Technology Development Co. Ltd. said its normalized net income for the first quarter was 1 fen per share, a decline of 7.6% from 1 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 2.8 million yuan, a decrease of 7.6% from 3.1 million yuan in the year-earlier period.

The normalized profit margin dropped to 2.8% from 3.3% in the year-earlier period.

Total revenue rose 10.0% on an annual basis to 102.3 million yuan from 92.9 million yuan, and total operating expenses climbed 12.8% year over year to 85.3 million yuan from 75.6 million yuan.

Reported net income grew 6.0% year over year to 6.6 million yuan, or 2 fen per share, from 6.2 million yuan, or 2 fen per share.

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