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DongFeng Automobile Q1 profit climbs 54.5% YOY

DongFeng Automobile Co. Ltd. said its first-quarter normalized net income amounted to 3 fen per share, an increase of 54.4% from 2 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 64.2 million yuan, a gain of 54.5% from 41.5 million yuan in the prior-year period.

The normalized profit margin rose to 2.0% from 1.0% in the year-earlier period.

Total revenue declined 19.3% on an annual basis to 3.50 billion yuan from 4.34 billion yuan, and total operating expenses declined 17.9% from the prior-year period to 3.56 billion yuan from 4.34 billion yuan.

Reported net income rose from the prior-year period to 136.9 million yuan, or 7 fen per share, from 36.0 million yuan, or 2 fen per share.

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