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China XD Plastics Q1 profit climbs YOY

China XD Plastics Co. said its normalized net income for the first quarter amounted to 38 cents per share, compared with 38 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $18.5 million, a gain from $18.3 million in the year-earlier period.

The normalized profit margin rose to 8.3% from 8.2% in the year-earlier period.

Total revenue totaled $221.9 million, compared with $223.6 million in the year-earlier period, and total operating expenses fell on an annual basis to $184.4 million from $189.5 million.

Reported net income increased 16.1% on an annual basis to $19.0 million, or 39 cents per share, from $16.3 million, or 34 cents per share.