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Jiangsu Chunlan Refrigerating Q1 profit falls YOY

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Jiangsu Chunlan Refrigerating Q1 profit falls YOY

Jiangsu Chunlan Refrigerating Equipment Stock Co. Ltd. said its normalized net income for the first quarter amounted to 5 fen per share, a decline of 24.0% from 7 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 27.1 million yuan, a decline of 24.0% from 35.6 million yuan in the prior-year period.

The normalized profit margin climbed to 45.2% from 24.8% in the year-earlier period.

Total revenue fell 56.7% year over year to 62.2 million yuan from 143.7 million yuan, and total operating expenses decreased 43.1% on an annual basis to 87.4 million yuan from 153.6 million yuan.

Reported net income declined 23.8% year over year to 40.9 million yuan, or 8 fen per share, from 53.6 million yuan, or 10 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.