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China Grand Automotive Services Q1 profit falls YOY

China Grand Automotive Services Co. Ltd. said its first-quarter normalized net income was 354.6 million yuan, a fall of 8.4% from 387.2 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 dropped to 1.7% from 1.8% in the year-earlier period.

Total revenue rose year over year to 22.06 billion yuan from 21.54 billion yuan, and total operating expenses grew on an annual basis to 21.07 billion yuan from 20.63 billion yuan.

Reported net income totaled 450.4 million yuan, compared with 461.9 million yuan in the prior-year period.

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