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Shanghai Shenda Q1 profit climbs YOY

Shanghai Shenda Co. Ltd. said its first-quarter normalized net income amounted to 7 fen per share, a gain from 3 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 51.7 million yuan, a gain from 23.0 million yuan in the prior-year period.

The normalized profit margin rose to 2.4% from 1.3% in the year-earlier period.

Total revenue grew 24.9% on an annual basis to 2.16 billion yuan from 1.73 billion yuan, and total operating expenses rose 23.7% from the prior-year period to 2.11 billion yuan from 1.70 billion yuan.

Reported net income grew on an annual basis to 55.7 million yuan, or 8 fen per share, from 25.0 million yuan, or 4 fen per share.

As of April 15, US$1 was equivalent to 6.47 yuan.