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Angel Yeast Q1 profit climbs 27.2% YOY

Angel Yeast Co. Ltd. said its first-quarter normalized net income was 5 fen per share, a gain of 26.8% from 4 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 38.8 million yuan, a gain of 27.2% from 30.5 million yuan in the year-earlier period.

The normalized profit margin rose to 4.3% from 3.8% in the year-earlier period.

Total revenue increased 23.0% year over year to 981.1 million yuan from 797.7 million yuan, and total operating expenses grew 24.7% on an annual basis to 877.2 million yuan from 703.4 million yuan.

Reported net income increased 35.8% year over year to 49.2 million yuan, or 6 fen per share, from 36.2 million yuan, or 4 fen per share.

As of April 23, US$1 was equivalent to 6.20 yuan.