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Pang Da Automobile Trade Q1 profit climbs 27.2% YOY

Pang Da Automobile Trade Co. Ltd. said its first-quarter normalized net income was 1 fen per share, a decline of 6.5% from 1 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 93.4 million yuan, a gain of 27.2% from 73.4 million yuan in the prior-year period.

The normalized profit margin increased to 0.7% from 0.4% in the year-earlier period.

Total revenue fell 17.3% year over year to 13.71 billion yuan from 16.59 billion yuan, and total operating expenses declined 17.5% from the prior-year period to 13.37 billion yuan from 16.21 billion yuan.

Reported net income declined 54.7% on an annual basis to 36.2 million yuan, or 1 fen per share, from 80.0 million yuan, or 2 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.