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Beijing WKW Automotive Parts Q1 profit climbs 44.1% YOY

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Beijing WKW Automotive Parts Q1 profit climbs 44.1% YOY

Beijing WKW Automotive Parts Co. Ltd. said its normalized net income for the first quarter was 5 fen per share, an increase of 19.5% from 5 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 79.4 million yuan, an increase of 44.1% from 55.1 million yuan in the prior-year period.

The normalized profit margin dropped to 10.6% from 13.1% in the year-earlier period.

Total revenue increased 78.2% year over year to 751.2 million yuan from 421.6 million yuan, and total operating expenses rose 86.6% from the prior-year period to 626.6 million yuan from 335.7 million yuan.

Reported net income increased 53.5% year over year to 101.3 million yuan, or 7 fen per share, from 66.0 million yuan, or 6 fen per share.

As of April 23, US$1 was equivalent to 6.20 yuan.