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Shanghai Bailian (Group) Q1 profit climbs 70.9% YOY

Shanghai Bailian (Group) Co. Ltd. said its first-quarter normalized net income was 33 fen per share, an increase of 73.2% from 19 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 563.1 million yuan, an increase of 70.9% from 329.5 million yuan in the year-earlier period.

The normalized profit margin rose to 3.9% from 2.2% in the year-earlier period.

Total revenue decreased year over year to 14.23 billion yuan from 14.77 billion yuan, and total operating expenses declined on an annual basis to 13.71 billion yuan from 14.19 billion yuan.

Reported net income grew 85.0% year over year to 771.2 million yuan, or 45 fen per share, from 416.8 million yuan, or 24 fen per share.

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