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Hunan Tyen Machinery Q1 profit falls YOY

Hunan Tyen Machinery Co. Ltd. said its normalized net income for the first quarter came to 855,530 yuan, a fall of 89.8% from 8.4 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 1.9% from 5.9% in the year-earlier period.

Total revenue declined 8.8% year over year to 131.2 million yuan from 143.9 million yuan, and total operating expenses decreased on an annual basis to 129.6 million yuan from 136.1 million yuan.

Reported net income decreased 67.6% from the prior-year period to 3.7 million yuan, or 0 fen per share, from 11.5 million yuan, or 1 fen per share.

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