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Guoguang Electric Q1 profit falls YOY

Guoguang Electric Co. Ltd. said its normalized net income for the first quarter amounted to 1 fen per share, a decline of 58.4% from 3 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 5.4 million yuan, a decline of 38.1% from 8.7 million yuan in the year-earlier period.

The normalized profit margin declined to 1.3% from 2.3% in the year-earlier period.

Total revenue increased 16.8% on an annual basis to 436.8 million yuan from 374.1 million yuan, and total operating expenses increased 18.5% on an annual basis to 425.3 million yuan from 359.0 million yuan.

Reported net income fell 25.6% from the prior-year period to 5.1 million yuan, or 1 fen per share, from 6.8 million yuan, or 2 fen per share.

As of April 24, US$1 was equivalent to 6.19 yuan.