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Shenwan Hongyuan Group Q3 profit falls YOY

Shenwan Hongyuan Group Co., Ltd. said its normalized net income for the third quarter amounted to 5 fen per share, a decline of 44.8% from 9 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 979.3 million yuan, a decline of 30.9% from 1.42 billion yuan in the year-earlier period.

The normalized profit margin declined to 21.2% from 39.7% in the year-earlier period.

Total revenue grew 29.3% year over year to 4.61 billion yuan from 3.57 billion yuan, and total operating expenses grew 68.1% on an annual basis to 2.94 billion yuan from 1.75 billion yuan.

Reported net income declined 37.3% year over year to 1.04 billion yuan, or 5 fen per share, from 1.66 billion yuan, or 10 fen per share.

As of Oct. 27, US$1 was equivalent to 6.35 yuan.