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Guangdong Homa Appliances Q1 profit falls YOY

Guangdong Homa Appliances Co. Ltd. said its first-quarter normalized net income was 6 fen per share, a decline of 35.1% from 9 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 28.1 million yuan, a decline of 32.3% from 41.5 million yuan in the prior-year period.

The normalized profit margin dropped to 3.3% from 4.3% in the year-earlier period.

Total revenue declined 8.8% on an annual basis to 872.2 million yuan from 956.4 million yuan, and total operating expenses declined 5.9% year over year to 848.4 million yuan from 901.2 million yuan.

Reported net income decreased 26.2% from the prior-year period to 28.7 million yuan, or 6 fen per share, from 38.9 million yuan, or 9 fen per share.

As of April 13, US$1 was equivalent to 6.22 yuan.