Guangzhou Grandbuy Co. Ltd. said its normalized net income for the third quarter amounted to 7 fen per share, a decrease of 50.0% from 14 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 23.0 million yuan, a decrease of 51.0% from 47.0 million yuan in the prior-year period.

The normalized profit margin declined to 1.7% from 2.9% in the year-earlier period.

Total revenue decreased 17.8% year over year to 1.34 billion yuan from 1.63 billion yuan, and total operating expenses fell 15.3% on an annual basis to 1.33 billion yuan from 1.57 billion yuan.

Reported net income fell 34.7% on an annual basis to 27.2 million yuan, or 8 fen per share, from 41.7 million yuan, or 12 fen per share.

As of Oct. 21, US$1 was equivalent to 6.77 yuan.