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Hisense Electric Q1 profit falls YOY

Hisense Electric Co. Ltd. said its first-quarter normalized net income amounted to 25 fen per share, a decrease from 26 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 328.9 million yuan, a decline from 334.9 million yuan in the year-earlier period.

The normalized profit margin declined to 4.6% from 4.9% in the year-earlier period.

Total revenue climbed 9.0% year over year to 7.53 billion yuan from 6.90 billion yuan, and total operating expenses grew 9.9% on an annual basis to 7.01 billion yuan from 6.38 billion yuan.

Reported net income increased 5.7% on an annual basis to 482.9 million yuan, or 37 fen per share, from 456.7 million yuan, or 35 fen per share.

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