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Besttone Holding Q1 profit falls YOY

Besttone Holding Co. Ltd. said its normalized net income for the first quarter came to 2 fen per share, a decline of 32.7% from 3 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 11.4 million yuan, a decrease of 32.7% from 16.9 million yuan in the prior-year period.

The normalized profit margin fell to 1.8% from 3.5% in the year-earlier period.

Total revenue increased 29.9% on an annual basis to 624.1 million yuan from 480.3 million yuan, and total operating expenses increased 29.9% from the prior-year period to 612.3 million yuan from 471.3 million yuan.

Reported net income declined 40.9% on an annual basis to 11.8 million yuan, or 2 fen per share, from 19.9 million yuan, or 4 fen per share.

As of April 27, US$1 was equivalent to 6.22 yuan.