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Chengdu Hongqi Chain Q1 profit climbs 5.0% YOY

Chengdu Hongqi Chain Co. Ltd. said its first-quarter normalized net income came to 3 fen per share, compared with 3 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 35.3 million yuan, a gain of 5.0% from 33.6 million yuan in the year-earlier period.

The normalized profit margin declined to 2.7% from 2.8% in the year-earlier period.

Total revenue rose 8.8% year over year to 1.32 billion yuan from 1.21 billion yuan, and total operating expenses grew 8.7% on an annual basis to 1.26 billion yuan from 1.16 billion yuan.

Reported net income came to 47.8 million yuan, or 4 fen per share, compared to 45.5 million yuan, or 4 fen per share, in the year-earlier period.

As of April 16, US$1 was equivalent to 6.19 yuan.