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Jiangsu Pacific Precision Forging Q1 profit climbs 7.3% YOY

Jiangsu Pacific Precision Forging Co., Ltd. said its normalized net income for the first quarter amounted to 6 fen per share, a gain of 7.3% from 5 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 23.6 million yuan, an increase of 7.3% from 22.0 million yuan in the prior-year period.

The normalized profit margin declined to 14.2% from 15.2% in the year-earlier period.

Total revenue rose 15.5% year over year to 166.8 million yuan from 144.4 million yuan, and total operating expenses climbed 15.8% on an annual basis to 125.4 million yuan from 108.3 million yuan.

Reported net income grew 5.2% from the prior-year period to 30.7 million yuan, or 8 fen per share, from 29.2 million yuan, or 7 fen per share.

As of April 17, US$1 was equivalent to 6.20 yuan.