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BOE Technology Group Q1 profit climbs 847.5% YOY

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BOE Technology Group Q1 profit climbs 847.5% YOY

BOE Technology Group Co. Ltd. said its normalized net income for the first quarter came to 1.95 billion yuan, an increase of 847.5% from 205.6 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 increased to 8.9% from 1.7% in the year-earlier period.

Total revenue climbed 77.7% year over year to 21.85 billion yuan from 12.30 billion yuan, and total operating expenses grew 37.3% from the prior-year period to 17.96 billion yuan from 13.08 billion yuan.

Reported net income increased 2,127.6% on an annual basis to 2.41 billion yuan, or 7 fen per share, from 108.3 million yuan, or 0 fen per share.

As of April 24, US$1 was equivalent to 6.89 yuan.