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Beijing Deinong Technology Q1 profit falls YOY

Beijing Dabeinong Technology Group Co. Ltd. said its normalized net income for the first quarter was 2 fen per share, a decline of 48.9% from 4 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 73.9 million yuan, a decline of 45.9% from 136.6 million yuan in the year-earlier period.

The normalized profit margin fell to 2.6% from 3.4% in the year-earlier period.

Total revenue fell 13.2% year over year to 3.49 billion yuan from 4.02 billion yuan, and total operating expenses declined 11.7% from the prior-year period to 3.35 billion yuan from 3.79 billion yuan.

Reported net income fell 36.3% on an annual basis to 101.7 million yuan, or 3 fen per share, from 159.8 million yuan, or 4 fen per share.

As of April 24, US$1 was equivalent to 6.19 yuan.