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Ningbo Joyson Q1 profit climbs 12.6% YOY

Ningbo Joyson Electronic Corp. said its first-quarter normalized net income amounted to 11 fen per share, an increase of 18.8% from 9 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 69.4 million yuan, a gain of 12.6% from 61.6 million yuan in the prior-year period.

The normalized profit margin climbed to 3.9% from 3.8% in the year-earlier period.

Total revenue rose 14.2% year over year to 1.85 billion yuan from 1.62 billion yuan, and total operating expenses grew 15.5% year over year to 1.75 billion yuan from 1.51 billion yuan.

Reported net income increased 29.2% from the prior-year period to 92.4 million yuan, or 15 fen per share, from 71.5 million yuan, or 11 fen per share.

As of April 22, US$1 was equivalent to 6.19 yuan.