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Shandong Jintai Q1 profit falls YOY

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Shandong Jintai Q1 profit falls YOY

Shandong Jintai Group Co. Ltd. said its first-quarter normalized net income came to 2 fen per share, a decrease of 46.4% from 3 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 2.0 million yuan, a decrease of 52.4% from 4.2 million yuan in the prior-year period.

The normalized profit margin fell to 0.9% from 1.3% in the year-earlier period.

Total revenue decreased 47.2% on an annual basis to 169.5 million yuan from 321.1 million yuan, and total operating expenses fell 47.0% year over year to 166.3 million yuan from 313.5 million yuan.

Reported net income declined 70.4% year over year to 1.2 million yuan, or 1 fen per share, from 4.2 million yuan, or 3 fen per share.

As of April 24, US$1 was equivalent to 6.19 yuan.