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Changsha Tongcheng Q1 profit falls YOY

Changsha Tongcheng Holdings Co. Ltd. said its first-quarter normalized net income was 5 fen per share, a decrease of 10.9% 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 29.0 million yuan, a decline of 11.0% from 32.5 million yuan in the year-earlier period.

The normalized profit margin climbed to 2.9% from 2.8% in the year-earlier period.

Total revenue totaled 1.15 billion yuan, compared with 1.15 billion yuan in the year-earlier period, and total operating expenses totaled 1.11 billion yuan, compared with 1.11 billion yuan in the prior-year period.

Reported net income grew on an annual basis to 37.1 million yuan, or 7 fen per share, from 35.5 million yuan, or 7 fen per share.

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