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Chengdu Hongqi Chain Q3 profit falls YOY

Chengdu Hongqi Chain Co. Ltd. said its normalized net income for the third quarter amounted to 23.7 million yuan, a fall of 14.6% from 27.7 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 1.4% from 1.9% in the year-earlier period.

Total revenue climbed 12.5% on an annual basis to 1.64 billion yuan from 1.46 billion yuan, and total operating expenses grew 13.6% year over year to 1.61 billion yuan from 1.42 billion yuan.

Reported net income came to 32.7 million yuan, compared with 37.8 million yuan, or 3 fen per share, in the prior-year period.

As of Oct. 20, US$1 was equivalent to 6.75 yuan.