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Ningbo Tuopu Q1 profit climbs 29.4% YOY

Ningbo Tuopu Group Co. Ltd. said its normalized net income for the first quarter was 13 fen per share, an increase from 12 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 gain of 29.4% from 65.9 million yuan in the prior-year period.

The normalized profit margin climbed to 11.4% from 9.7% in the year-earlier period.

Total revenue rose 15.8% year over year to 789.6 million yuan from 681.7 million yuan, and total operating expenses rose 15.9% year over year to 670.6 million yuan from 578.6 million yuan.

Reported net income grew 39.9% year over year to 125.7 million yuan, or 19 fen per share, from 89.8 million yuan, or 17 fen per share.

As of April 22, US$1 was equivalent to 6.50 yuan.