Zhejiang Meida Industrial Co. Ltd. said its first-quarter normalized net income was 3 fen per share, a gain of 16.2% 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 18.7 million yuan, a gain of 10.1% from 17.0 million yuan in the year-earlier period.
The normalized profit margin rose to 23.3% from 22.1% in the year-earlier period.
Total revenue climbed year over year to 80.4 million yuan from 76.9 million yuan, and total operating expenses grew from the prior-year period to 62.8 million yuan from 61.0 million yuan.
Reported net income rose 11.8% on an annual basis to 25.4 million yuan, or 4 fen per share, from 22.7 million yuan, or 3 fen per share.
As of April 23, US$1 was equivalent to 6.20 yuan.
