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Shanghai Electric Q1 profit falls YOY

Shanghai Electric Group Co. Ltd. said its first-quarter normalized net income was 3 fen per share, a decrease of 27.6% 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 385.3 million yuan, a decrease of 26.1% from 521.4 million yuan in the year-earlier period.

The normalized profit margin dropped to 3.0% from 3.4% in the year-earlier period.

Total revenue declined 15.7% year over year to 13.03 billion yuan from 15.46 billion yuan, and total operating expenses decreased 15.2% on an annual basis to 12.06 billion yuan from 14.21 billion yuan.

Reported net income fell on an annual basis to 485.7 million yuan, or 4 fen per share, from 504.9 million yuan, or 4 fen per share.

As of April 21, US$1 was equivalent to 6.88 yuan.