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Ningbo Tuopu Q1 profit falls YOY

Ningbo Tuopu Group Co. Ltd. said its first-quarter normalized net income came to 12 fen per share, a decrease of 6.4% from 13 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 65.5 million yuan, a decrease from 67.7 million yuan in the prior-year period.

The normalized profit margin dropped to 9.7% from 10.1% in the year-earlier period.

Total revenue increased on an annual basis to 681.7 million yuan from 671.0 million yuan, and total operating expenses rose on an annual basis to 578.6 million yuan from 566.9 million yuan.

Reported net income fell on an annual basis to 89.8 million yuan, or 17 fen per share, from 92.1 million yuan, or 18 fen per share.

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