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Materials-Petroleum Q1 profit climbs 65.2% YOY

Materials-Petroleum JSC said its first-quarter normalized net income was 651.75 dong per share, a gain of 61.0% from 404.90 dong per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 9.20 billion dong, an increase of 65.2% from 5.57 billion dong in the prior-year period.

The normalized profit margin increased to 1.0% from 0.4% in the year-earlier period.

Total revenue fell 26.8% year over year to 927.04 billion dong from 1.266 trillion dong, and total operating expenses declined 27.3% on an annual basis to 912.70 billion dong from 1.256 trillion dong.

Reported net income grew 55.5% from the prior-year period to 11.56 billion dong, or 818.39 dong per share, from 7.43 billion dong, or 540.00 dong per share.

As of April 21, US$1 was equivalent to 21,585 dong.