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Ningbo Shuanglin Auto Parts Q1 profit climbs 64.5% YOY

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Ningbo Shuanglin Auto Parts Q1 profit climbs 64.5% YOY

Ningbo Shuanglin Auto Parts Co. Ltd. said its normalized net income for the first quarter came to 11 fen per share, a gain of 18.6% from 9 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 42.0 million yuan, a gain of 64.5% from 25.5 million yuan in the year-earlier period.

The normalized profit margin declined to 7.3% from 7.6% in the year-earlier period.

Total revenue rose 73.0% year over year to 584.3 million yuan from 337.8 million yuan, and total operating expenses rose 72.6% from the prior-year period to 504.1 million yuan from 292.0 million yuan.

Reported net income rose 76.6% year over year to 55.3 million yuan, or 14 fen per share, from 31.3 million yuan, or 11 fen per share.

As of April 22, US$1 was equivalent to 6.19 yuan.