VenkatChina state-owned conglomerate Citic Ltd.'s first-quarter net profit rose 1.5%, mainly supported by higher non-operating income and lower tax. Net profit was 10.64 billion yuan ($1.51 billion), the company said late Sunday. Operating income, however, declined 4.2% on year to CNY60.28 billion due to fair value loss and lower income from investments. The company had in March said that it expected its performance in 2020 to be affected by the Covid-19 pandemic and would focus on generating strong cash flows. Venkat at venkat.pr@wsj.com

Source: Wall Street Journal May 04, 2020 00:33 UTC