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Chongqing Landai Q1 profit climbs 22.2% YOY

Chongqing Landai Powertrain Corp. Ltd. said its first-quarter normalized net income came to 12.8 million yuan, a rise of 22.2% from 10.5 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 7.1% from 7.5% in the year-earlier period.

Total revenue climbed 41.2% year over year to 196.7 million yuan from 139.4 million yuan, and total operating expenses grew 43.4% from the prior-year period to 176.1 million yuan from 122.8 million yuan.

Reported net income grew 38.6% on an annual basis to 19.8 million yuan, or 6 fen per share, from 14.3 million yuan.

As of May 25, US$1 was equivalent to 6.20 yuan.