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FAWER Automotive Parts Q1 profit climbs YOY

FAWER Automotive Parts Ltd. Co. said its normalized net income for the first quarter came to 8 fen per share, a decrease from 8 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 103.3 million yuan, a gain from 99.4 million yuan in the year-earlier period.

The normalized profit margin climbed to 9.0% from 8.0% in the year-earlier period.

Total revenue declined 5.9% year over year to 1.17 billion yuan from 1.24 billion yuan, and total operating expenses declined year over year to 1.11 billion yuan from 1.17 billion yuan.

Reported net income totaled 162.2 million yuan, or 12 fen per share, compared to 153.0 million yuan, or 12 fen per share, in the prior-year period.

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