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Lancy Q1 profit falls YOY

Lancy Co. Ltd. said its first-quarter normalized net income amounted to 7 fen per share, a decline of 48.4% from 14 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 28.5 million yuan, a decline of 48.5% from 55.4 million yuan in the prior-year period.

The normalized profit margin declined to 8.8% from 16.6% in the year-earlier period.

Total revenue fell on an annual basis to 326.9 million yuan from 333.9 million yuan, and total operating expenses rose from the prior-year period to 285.5 million yuan from 279.1 million yuan.

Reported net income decreased 41.6% year over year to 36.1 million yuan, or 9 fen per share, from 61.8 million yuan, or 15 fen per share.

As of April 22, US$1 was equivalent to 6.19 yuan.