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Zhejiang Asia-Pacific Q1 profit climbs YOY

Zhejiang Asia-Pacific Mechanical & Electronic Co. Ltd. said its first-quarter normalized net income came to 4 fen per share, a decline of 20.0% from 5 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 29.5 million yuan, an increase from 28.7 million yuan in the prior-year period.

The normalized profit margin climbed to 3.6% from 3.6% in the year-earlier period.

Total revenue rose 5.0% year over year to 845.0 million yuan from 804.5 million yuan, and total operating expenses grew from the prior-year period to 790.4 million yuan from 759.0 million yuan.

Reported net income increased 16.8% on an annual basis to 44.3 million yuan, or 6 fen per share, from 37.9 million yuan, or 7 fen per share.

As of April 28, US$1 was equivalent to 6.20 yuan.