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Guilin Fuda Q1 profit falls YOY

Guilin Fuda Co. Ltd. said its first-quarter normalized net income was 3.6 million yuan, a decline of 69.8% from 12.1 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 2.6% from 4.0% in the year-earlier period.

Total revenue fell 20.7% on an annual basis to 239.3 million yuan from 301.7 million yuan, and total operating expenses fell 16.8% from the prior-year period to 218.8 million yuan from 262.9 million yuan.

Reported net income declined 51.5% year over year to 6.9 million yuan, or 1 fen per share, from 14.3 million yuan, or 3 fen per share.

As of April 24, US$1 was equivalent to 6.19 yuan.