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Sichuan Jiuzhou Electronic Q1 profit falls YOY

Sichuan Jiuzhou Electronic Co. Ltd. said its first-quarter normalized net income was 1.0 million yuan, a decline of 92.6% from 14.1 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 2.6% from 2.9% in the year-earlier period.

Total revenue declined 13.8% year over year to 417.9 million yuan from 484.9 million yuan, and total operating expenses decreased 13.4% year over year to 413.6 million yuan from 477.5 million yuan.

Reported net income fell 22.2% from the prior-year period to 10.8 million yuan, or 1 fen per share, from 13.9 million yuan, or 2 fen per share.

As of April 27, US$1 was equivalent to 6.22 yuan.