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Zhejiang Dahua Technology Q1 profit falls YOY

Zhejiang Dahua Technology Co. Ltd. said its first-quarter normalized net income came to 3 fen per share, a decline of 47.6% from 6 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 85.0 million yuan, a decline of 46.3% from 158.3 million yuan in the year-earlier period.

The normalized profit margin dropped to 7.1% from 13.8% in the year-earlier period.

Total revenue grew 5.0% year over year to 1.20 billion yuan from 1.14 billion yuan, and total operating expenses rose 14.2% from the prior-year period to 1.13 billion yuan from 985.5 million yuan.

Reported net income declined 48.7% from the prior-year period to 103.4 million yuan, or 4 fen per share, from 201.7 million yuan, or 7 fen per share.

As of April 15, US$1 was equivalent to 6.21 yuan.