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Chunghsin Technology Q1 profit falls YOY

Chunghsin Technology Group Co., Ltd said its normalized net income for the first quarter amounted to 1 fen per share, a decrease of 30.6% from 2 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 3.5 million yuan, a decline of 7.4% from 3.8 million yuan in the year-earlier period.

The normalized profit margin increased to 0.6% from 0.5% in the year-earlier period.

Total revenue declined 11.0% on an annual basis to 629.5 million yuan from 707.4 million yuan, and total operating expenses declined 11.9% year over year to 613.2 million yuan from 695.8 million yuan.

Reported net income decreased 75.5% from the prior-year period to 2.6 million yuan, or 1 fen per share, from 10.6 million yuan, or 5 fen per share.

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