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Zhejiang Weixing Industrial Development Q1 profit falls YOY

Zhejiang Weixing Industrial Development Co. Ltd. said its first-quarter normalized net income was 1 fen per share, a decline of 23.6% 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 5.9 million yuan, a decrease of 37.0% from 9.3 million yuan in the year-earlier period.

The normalized profit margin declined to 2.2% from 3.1% in the year-earlier period.

Total revenue decreased 10.1% year over year to 267.6 million yuan from 297.5 million yuan, and total operating expenses declined 8.3% year over year to 260.1 million yuan from 283.5 million yuan.

Reported net income declined 28.6% year over year to 6.4 million yuan, or 1 fen per share, from 9.0 million yuan, or 1 fen per share.

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