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Wuhan Zhongnan Commercial Q1 profit falls YOY

Wuhan Zhongnan Commercial Group Co. Ltd. said its first-quarter normalized net income was 3 fen per share, a decrease of 51.1% from 7 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 7.9 million yuan, a decrease of 53.9% from 17.1 million yuan in the year-earlier period.

The normalized profit margin dropped to 0.8% from 1.4% in the year-earlier period.

Total revenue came to 1.21 billion yuan, compared with 1.22 billion yuan in the year-earlier period, and total operating expenses totaled 1.17 billion yuan, compared with 1.17 billion yuan in the year-earlier period.

Reported net income decreased 41.1% from the prior-year period to 11.9 million yuan, or 5 fen per share, from 20.1 million yuan, or 8 fen per share.

As of April 28, US$1 was equivalent to 6.20 yuan.