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Shanghai Fenghwa Q1 profit climbs 26.6% YOY

Shanghai Fenghwa Group Co. Ltd. said its normalized net income for the first quarter came to 1 fen per share, an increase of 25.2% from 1 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 2.7 million yuan, an increase of 26.6% from 2.1 million yuan in the year-earlier period.

The normalized profit margin climbed to 14.6% from 10.3% in the year-earlier period.

Total revenue declined 11.0% on an annual basis to 18.1 million yuan from 20.4 million yuan, and total operating expenses declined 19.1% from the prior-year period to 18.2 million yuan from 22.5 million yuan.

Reported net income increased 6.4% year over year to 3.8 million yuan, or 2 fen per share, from 3.5 million yuan, or 2 fen per share.

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