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Changzhou Tenglong Auto Parts Q1 profit climbs 24.5% YOY

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Changzhou Tenglong Auto Parts Q1 profit climbs 24.5% YOY

Changzhou Tenglong Auto Parts Co. Ltd. said its normalized net income for the first quarter amounted to 12 fen per share, a gain of 22.3% from 10 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 19.3 million yuan, an increase of 24.5% from 15.5 million yuan in the prior-year period.

The normalized profit margin fell to 11.4% from 11.9% in the year-earlier period.

Total revenue increased 30.7% year over year to 169.9 million yuan from 130.0 million yuan, and total operating expenses rose 34.2% on an annual basis to 135.6 million yuan from 101.0 million yuan.

Reported net income increased 20.6% from the prior-year period to 25.6 million yuan, or 16 fen per share, from 21.2 million yuan, or 14 fen per share.

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