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China State Construction Engineering Q1 profit climbs 19.1% YOY

China State Construction Engineering Corp. Ltd. said its normalized net income for the first quarter came to 15 fen per share, an increase of 24.0% from 12 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 4.50 billion yuan, an increase of 19.1% from 3.78 billion yuan in the year-earlier period.

The normalized profit margin increased to 2.4% from 2.3% in the year-earlier period.

Total revenue climbed 18.2% on an annual basis to 193.77 billion yuan from 163.95 billion yuan, and total operating expenses grew 17.8% on an annual basis to 182.84 billion yuan from 155.19 billion yuan.

Reported net income rose 21.6% from the prior-year period to 5.62 billion yuan, or 19 fen per share, from 4.63 billion yuan, or 15 fen per share.

As of April 30, US$1 was equivalent to 6.20 yuan.