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Chunghsin Technology Q1 profit falls YOY

Chunghsin Technology Group Co., Ltd said its normalized net income for the first quarter came to 7.9 million yuan, a fall of 51.1% from 16.1 million yuan in the prior-year period.

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

The normalized profit margin dropped to 0.5% from 5.1% in the year-earlier period.

Total revenue rose on an annual basis to 707.4 million yuan from 314.3 million yuan, and total operating expenses increased from the prior-year period to 698.0 million yuan from 289.0 million yuan.

Reported net income decreased 51.8% on an annual basis to 10.6 million yuan, or 5 fen per share, from 21.9 million yuan.

As of June 25, US$1 was equivalent to 6.21 yuan.