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Sichuan Changhong Electric Q1 profit falls YOY

Sichuan Changhong Electric Co. Ltd. said its normalized net income for the first quarter was 1 fen per share, a decrease of 21.6% from 2 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 56.7 million yuan, a decrease of 22.5% from 73.2 million yuan in the prior-year period.

The normalized profit margin declined to 0.4% from 0.6% in the year-earlier period.

Total revenue climbed 9.4% on an annual basis to 13.71 billion yuan from 12.53 billion yuan, and total operating expenses increased 9.3% on an annual basis to 13.46 billion yuan from 12.31 billion yuan.

Reported net income rose 87.6% year over year to 17.3 million yuan, or 0 fen per share, from 9.2 million yuan, or 0 fen per share.

As of April 20, US$1 was equivalent to 6.20 yuan.