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Dongfeng Electronic Technology Q1 profit falls YOY

Dongfeng Electronic Technology Co. Ltd. said its first-quarter normalized net income was 4 fen per share, a decline of 80.1% from 18 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 11.1 million yuan, a decrease of 80.1% from 55.9 million yuan in the prior-year period.

The normalized profit margin declined to 1.1% from 4.5% in the year-earlier period.

Total revenue declined year over year to 1.18 billion yuan from 1.23 billion yuan, and total operating expenses totaled 1.12 billion yuan, compared with 1.12 billion yuan in the year-earlier period.

Reported net income declined on an annual basis to 67.0 million yuan, or 21 fen per share, from 69.5 million yuan, or 22 fen per share.

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