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Minsheng Holdings Q1 profit climbs 28.8% YOY

Minsheng Holdings Co. Ltd. said its first-quarter normalized net income amounted to 2.3 million yuan, a gain of 28.8% from 1.8 million yuan in the prior-year period.

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

The normalized profit margin rose to 4.8% from 1.4% in the year-earlier period.

Total revenue fell 94.2% on an annual basis to 7.5 million yuan from 129.7 million yuan, and total operating expenses fell 91.0% year over year to 11.1 million yuan from 123.0 million yuan.

Reported net income totaled 12.0 million yuan, or 2 fen per share, compared to a loss of 3.5 million yuan, or a loss of 1 fen per share, in the year-earlier period.

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