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CRRC Q1 profit climbs 27.4% YOY

CRRC Corp. Ltd. said its normalized net income for the first quarter amounted to 6 fen per share, a gain of 17.1% from 5 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 783.3 million yuan, a gain of 27.4% from 615.0 million yuan in the year-earlier period.

The normalized profit margin increased to 4.0% from 3.3% in the year-earlier period.

Total revenue grew 24.9% on an annual basis to 23.39 billion yuan from 18.73 billion yuan, and total operating expenses increased 25.1% on an annual basis to 21.75 billion yuan from 17.39 billion yuan.

Reported net income increased 26.9% from the prior-year period to 971.7 million yuan, or 7 fen per share, from 765.7 million yuan, or 6 fen per share.

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