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United Food Holdings Q1 profit falls YOY

United Food Holdings Ltd. said its first-quarter normalized net income was 2 fen per share, a decline of 29.6% from 3 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 2.1 million yuan, a decrease of 29.6% from 2.9 million yuan in the prior-year period.

The normalized profit margin dropped to 0.2% from 0.2% in the year-earlier period.

Total revenue fell 13.6% on an annual basis to 1.02 billion yuan from 1.18 billion yuan, and total operating expenses fell 13.5% year over year to 1.02 billion yuan from 1.18 billion yuan.

Reported net income fell 29.6% year over year to 3.3 million yuan, or 3 fen per share, from 4.7 million yuan, or 4 fen per share.

As of April 22, US$1 was equivalent to 6.19 yuan.