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Fujian Funeng Q1 profit falls YOY

Fujian Funeng Co. Ltd. said its normalized net income for the first quarter was 7 fen per share, a decline of 48.2% from 13 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 85.3 million yuan, a decrease of 32.9% from 127.0 million yuan in the year-earlier period.

The normalized profit margin dropped to 7.9% from 11.7% in the year-earlier period.

Total revenue came to 1.08 billion yuan, compared with 1.09 billion yuan in the prior-year period, and total operating expenses climbed 12.3% from the prior-year period to 869.7 million yuan from 774.5 million yuan.

Reported net income fell 38.4% on an annual basis to 104.8 million yuan, or 8 fen per share, from 170.2 million yuan, or 18 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.