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Guangdong Tonze Electric Q1 profit climbs YOY

Guangdong Tonze Electric Co. Ltd. said its first-quarter normalized net income was 5 fen per share, a decline of 20.8% from 6 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 12.0 million yuan, a gain from 11.8 million yuan in the year-earlier period.

The normalized profit margin dropped to 11.3% from 11.8% in the year-earlier period.

Total revenue climbed 13.0% year over year to 113.3 million yuan from 100.3 million yuan, and total operating expenses grew 14.9% from the prior-year period to 93.6 million yuan from 81.5 million yuan.

Reported net income grew 5.2% from the prior-year period to 17.0 million yuan, or 7 fen per share, from 16.2 million yuan, or 9 fen per share.

As of April 27, US$1 was equivalent to 6.50 yuan.