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Songcheng Performance Development Q1 profit climbs 56.6% YOY

Songcheng Performance Development Co. Ltd. said its first-quarter normalized net income was 5 fen per share, compared with the S&P Capital IQ consensus estimate of 5 fen per share.

EPS climbed 54.7% year over year from 3 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 66.0 million yuan, an increase of 56.6% from 42.2 million yuan in the prior-year period.

The normalized profit margin climbed to 36.0% from 31.0% in the year-earlier period.

Total revenue increased 57.9% on an annual basis to 215.1 million yuan from 136.2 million yuan, and total operating expenses grew 45.4% on an annual basis to 113.0 million yuan from 77.7 million yuan.

Reported net income rose 91.3% from the prior-year period to 95.5 million yuan, or 7 fen per share, from 49.9 million yuan, or 4 fen per share.

As of April 21, US$1 was equivalent to 6.20 yuan.