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Shenzhen China Bicycle Q1 profit falls YOY

Shenzhen China Bicycle Co. (Holdings) Ltd. said its normalized net income for the first quarter amounted to 190,220 yuan, a decrease of 34.0% from 288,160 yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 1.0% from 1.1% in the year-earlier period.

Total revenue decreased 15.6% year over year to 22.3 million yuan from 26.5 million yuan, and total operating expenses fell 19.5% from the prior-year period to 22.4 million yuan from 27.9 million yuan.

Reported net income decreased 23.1% year over year to 272,340 yuan, or 0 fen per share, from 354,360 yuan, or 0 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.