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Eastern Gold Jade Q1 profit falls YOY

Eastern Gold Jade Co. Ltd. said its normalized net income for the first quarter was 7 fen per share, a decrease of 45.3% from 12 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 92.1 million yuan, a decline of 36.0% from 144.0 million yuan in the prior-year period.

The normalized profit margin fell to 4.5% from 8.9% in the year-earlier period.

Total revenue rose 26.3% on an annual basis to 2.04 billion yuan from 1.62 billion yuan, and total operating expenses increased 32.6% from the prior-year period to 1.82 billion yuan from 1.37 billion yuan.

Reported net income fell 32.2% on an annual basis to 114.9 million yuan, or 9 fen per share, from 169.5 million yuan, or 15 fen per share.

As of April 27, US$1 was equivalent to 6.50 yuan.