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Haima Automobile Q1 profit climbs YOY

Haima Automobile Group Co. Ltd. said its first-quarter normalized net income came to 6 fen per share, a gain from 2 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 93.3 million yuan, an increase from 29.7 million yuan in the prior-year period.

The normalized profit margin climbed to 2.7% from 1.1% in the year-earlier period.

Total revenue grew 35.7% year over year to 3.61 billion yuan from 2.66 billion yuan, and total operating expenses increased 34.0% from the prior-year period to 3.44 billion yuan from 2.57 billion yuan.

Reported net income increased on an annual basis to 129.5 million yuan, or 8 fen per share, from 58.9 million yuan, or 4 fen per share.

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