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Nanjing Xinjiekou Department Store swings to loss in Q2

Nanjing Xinjiekou Department Store Co. Ltd. said its normalized net income for the second quarter amounted to a loss of 6 fen per share, compared with 33 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 a loss of 46.6 million yuan, compared with income of 255.0 million yuan in the prior-year period.

The normalized profit margin fell to negative 1.0% from 7.0% in the year-earlier period.

Total revenue fell on an annual basis to 3.52 billion yuan from 3.65 billion yuan, and total operating expenses decreased year over year to 3.54 billion yuan from 3.59 billion yuan.

Reported net income totaled a loss of 90.8 million yuan, or a loss of 11 fen per share, compared to income of 291.3 million yuan, or 38 fen per share, in the prior-year period.

As of Aug. 30, US$1 was equivalent to 6.67 yuan.