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Zhejiang Shibao Q1 profit falls YOY

Zhejiang Shibao Company Ltd said its normalized net income for the first quarter came to 1 fen per share, a decline of 19.2% from 2 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 11.1 million yuan, a decline from 11.6 million yuan in the year-earlier period.

The normalized profit margin declined to 6.1% from 6.1% in the year-earlier period.

Total revenue climbed 9.0% year over year to 206.7 million yuan from 189.7 million yuan, and total operating expenses rose 9.5% on an annual basis to 189.0 million yuan from 172.6 million yuan.

Reported net income totaled 16.3 million yuan, or 2 fen per share, compared to 13.7 million yuan, or 2 fen per share, in the year-earlier period.

As of April 24, US$1 was equivalent to 6.19 yuan.