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Huafang Q1 profit climbs 14.5% YOY

Huafang Co. Ltd. said its first-quarter normalized net income amounted to 3.5 million yuan, a gain of 14.5% from 3.1 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 0.7% from 0.6% in the year-earlier period.

Total revenue fell on an annual basis to 517.0 million yuan from 534.4 million yuan, and total operating expenses decreased year over year to 506.1 million yuan from 519.2 million yuan.

Reported net income totaled 5.2 million yuan, or 1 fen per share, compared to 4.8 million yuan, or 1 fen per share, in the year-earlier period.

As of April 29, US$1 was equivalent to 6.20 yuan.