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Beiqi Foton Motor Q1 profit falls YOY

Beiqi Foton Motor Co. Ltd. said its first-quarter normalized net income came to 39.6 million yuan, a fall of 77.0% from 171.9 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 1.6% from 1.8% in the year-earlier period.

Total revenue decreased 13.6% on an annual basis to 8.39 billion yuan from 9.71 billion yuan, and total operating expenses fell 13.6% on an annual basis to 8.30 billion yuan from 9.62 billion yuan.

Reported net income fell 42.0% on an annual basis to 125.5 million yuan, or 2 fen per share, from 216.4 million yuan, or 4 fen per share.

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