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GD Power Development Q1 profit climbs 11.1% YOY

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GD Power Development Q1 profit climbs 11.1% YOY

GD Power Development Co. Ltd. said its normalized net income for the first quarter amounted to 6 fen per share, a gain of 10.2% from 5 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 1.12 billion yuan, a gain of 11.1% from 1.00 billion yuan in the prior-year period.

The normalized profit margin increased to 9.1% from 6.3% in the year-earlier period.

Total revenue decreased 16.1% on an annual basis to 13.37 billion yuan from 15.93 billion yuan, and total operating expenses fell 19.8% from the prior-year period to 9.55 billion yuan from 11.92 billion yuan.

Reported net income grew 15.6% from the prior-year period to 1.69 billion yuan, or 9 fen per share, from 1.46 billion yuan, or 8 fen per share.

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