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Lingyun Industrial Q1 profit falls YOY

Lingyun Industrial Corp. Ltd said its normalized net income for the first quarter was 6 fen per share, a decline from 6 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 19.8 million yuan, a decrease from 20.1 million yuan in the year-earlier period.

The normalized profit margin declined to 1.2% from 1.5% in the year-earlier period.

Total revenue rose 20.2% on an annual basis to 1.66 billion yuan from 1.38 billion yuan, and total operating expenses climbed 19.1% on an annual basis to 1.53 billion yuan from 1.29 billion yuan.

Reported net income increased 15.5% from the prior-year period to 32.0 million yuan, or 9 fen per share, from 27.7 million yuan, or 8 fen per share.

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