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Sanfo Q1 profit falls YOY

Beijing Sanfo Outdoor Products Co. Ltd said its normalized net income for the first quarter was 1 fen per share, a decline of 42.9% from 2 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 865,280 yuan, a decrease of 32.4% from 1.3 million yuan in the prior-year period.

The normalized profit margin fell to 1.4% from 1.9% in the year-earlier period.

Total revenue fell 8.1% on an annual basis to 61.9 million yuan from 67.4 million yuan, and total operating expenses fell 8.9% on an annual basis to 59.4 million yuan from 65.2 million yuan.

Reported net income decreased 60.3% year over year to 571,530 yuan, or 1 fen per share, from 1.4 million yuan, or 2 fen per share.

As of April 28, US$1 was equivalent to 6.48 yuan.