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Zhejiang VIE Science & Technology Q1 profit climbs 37.9% YOY

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Zhejiang VIE Science & Technology Q1 profit climbs 37.9% YOY

Zhejiang VIE Science & Technology Co. Ltd. said its normalized net income for the first quarter came to 4 fen per share, a gain of 38.9% from 3 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 15.6 million yuan, an increase of 37.9% from 11.3 million yuan in the year-earlier period.

The normalized profit margin climbed to 4.0% from 3.8% in the year-earlier period.

Total revenue rose 36.5% year over year to 401.1 million yuan from 293.9 million yuan, and total operating expenses increased 36.9% year over year to 371.5 million yuan from 271.5 million yuan.

Reported net income grew 32.4% year over year to 16.1 million yuan, or 4 fen per share, from 12.1 million yuan, or 3 fen per share.

As of April 23, US$1 was equivalent to 6.20 yuan.