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Chinadive Watersports Q1 profit climbs 19.6% YOY

China Dive Co. Ltd. said its normalized net income for the first quarter came to 5 fen per share, an increase of 21.6% 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 6.5 million yuan, an increase of 19.6% from 5.4 million yuan in the prior-year period.

The normalized profit margin increased to 8.1% from 6.1% in the year-earlier period.

Total revenue declined on an annual basis to 87.4 million yuan from 88.2 million yuan, and total operating expenses declined on an annual basis to 74.3 million yuan from 78.0 million yuan.

Reported net income rose 10.1% year over year to 8.8 million yuan, or 7 fen per share, from 8.0 million yuan, or 6 fen per share.

As of July 12, US$1 was equivalent to 6.69 yuan.