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Renrenle Commercial Q1 profit climbs 57.5% YOY

Renrenle Commercial Group Co. Ltd. said its normalized net income for the first quarter amounted to 10 fen per share, an increase of 57.4% from 6 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 40.0 million yuan, a gain of 57.5% from 25.4 million yuan in the year-earlier period.

The normalized profit margin rose to 1.3% from 0.7% in the year-earlier period.

Total revenue fell 6.0% on an annual basis to 3.21 billion yuan from 3.42 billion yuan, and total operating expenses decreased 7.0% year over year to 3.15 billion yuan from 3.38 billion yuan.

Reported net income rose 82.8% from the prior-year period to 43.9 million yuan, or 11 fen per share, from 24.0 million yuan, or 6 fen per share.

As of April 27, US$1 was equivalent to 6.22 yuan.