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Beijing Cuiwei Tower Q1 profit falls YOY

Beijing Cuiwei Tower Co. Ltd. said its first-quarter normalized net income was 5 fen per share, a decrease of 30.8% from 8 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 28.2 million yuan, a decline of 31.4% from 41.1 million yuan in the prior-year period.

The normalized profit margin declined to 2.0% from 2.5% in the year-earlier period.

Total revenue declined 10.2% on an annual basis to 1.45 billion yuan from 1.61 billion yuan, and total operating expenses decreased 9.7% from the prior-year period to 1.40 billion yuan from 1.55 billion yuan.

Reported net income declined 29.4% from the prior-year period to 34.9 million yuan, or 7 fen per share, from 49.3 million yuan, or 9 fen per share.

As of April 29, US$1 was equivalent to 6.48 yuan.