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Shenzhen Soling Industrial Q1 profit climbs 7.3% YOY

Shenzhen Soling Industrial Co. Ltd. said its normalized net income for the first quarter was 4 fen per share, a gain of 9.9% from 4 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 10.7 million yuan, an increase of 7.3% from 9.9 million yuan in the year-earlier period.

The normalized profit margin rose to 6.1% from 5.6% in the year-earlier period.

Total revenue grew on an annual basis to 181.0 million yuan from 178.5 million yuan, and total operating expenses climbed year over year to 157.5 million yuan from 155.8 million yuan.

Reported net income increased 7.4% year over year to 15.2 million yuan, or 6 fen per share, from 14.2 million yuan, or 5 fen per share.

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