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Kunming Sinobright (Group) Q1 profit falls YOY

Kunming Sinobright (Group) Co. Ltd. said its normalized net income for the first quarter was 3.4 million yuan, a fall of 91.1% from 38.6 million yuan in the year-earlier period.

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

The normalized profit margin fell to 0.8% from 5.8% in the year-earlier period.

Total revenue fell 30.1% on an annual basis to 467.2 million yuan from 668.0 million yuan, and total operating expenses fell 17.9% year over year to 427.6 million yuan from 521.0 million yuan.

Reported net income declined 95.1% year over year to 2.5 million yuan, or 1 fen per share, from 50.5 million yuan, or 12 fen per share.

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