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HL Corp. Q1 profit falls YOY

HL Corp (Shenzhen) said its normalized net income for the first quarter was 2.4 million yuan, a decline of 33.8% from 3.6 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 0.9% from 1.0% in the year-earlier period.

Total revenue decreased 10.4% on an annual basis to 327.7 million yuan from 365.9 million yuan, and total operating expenses declined 9.1% from the prior-year period to 323.1 million yuan from 355.4 million yuan.

Reported net income decreased 17.6% on an annual basis to 1.0 million yuan, or 0 fen per share, from 1.2 million yuan, or 0 fen per share.

As of April 23, US$1 was equivalent to 6.20 yuan.