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Fujian Dongbai Q1 profit falls YOY

Fujian Dongbai (Group) Co. Ltd. said its normalized net income for the first quarter was 4 fen per share, a decline of 81.0% from 20 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 25.4 million yuan, a decline of 81.1% from 134.3 million yuan in the year-earlier period.

The normalized profit margin declined to 5.3% from 25.6% in the year-earlier period.

Total revenue fell 9.0% year over year to 476.4 million yuan from 523.5 million yuan, and total operating expenses declined 9.3% from the prior-year period to 448.2 million yuan from 494.0 million yuan.

Reported net income decreased 74.9% from the prior-year period to 41.1 million yuan, or 6 fen per share, from 163.3 million yuan, or 24 fen per share.

As of April 24, US$1 was equivalent to 6.19 yuan.