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Power Construction Corp. of China profit holds mostly steady YOY in Q1

Power Construction Corp. of China Ltd. said its normalized net income for the first quarter came to 9 fen per share, compared with 9 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 1.22 billion yuan, compared with 1.21 billion yuan in the prior-year period.

The normalized profit margin fell to 2.3% from 2.5% in the year-earlier period.

Total revenue climbed 8.7% on an annual basis to 53.06 billion yuan from 48.83 billion yuan, and total operating expenses rose 8.6% on an annual basis to 49.72 billion yuan from 45.77 billion yuan.

Reported net income grew 5.5% year over year to 1.71 billion yuan, or 12 fen per share, from 1.62 billion yuan, or 12 fen per share.

As of April 27, US$1 was equivalent to 6.89 yuan.