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Beijing Hualian Hypermarket swings to loss in Q3

Beijing Hualian Hypermarket Co. Ltd. said its normalized net income for the third quarter amounted to a loss of 3 fen per share, compared with 2 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 18.8 million yuan, compared with income of 10.3 million yuan in the prior-year period.

The normalized profit margin declined to negative 0.2% from 0.3% in the year-earlier period.

Total revenue decreased 9.3% year over year to 3.04 billion yuan from 3.35 billion yuan, and total operating expenses declined 7.9% on an annual basis to 3.05 billion yuan from 3.31 billion yuan.

Reported net income came to a loss of 77.9 million yuan, or a loss of 11 fen per share, compared to income of 6.5 million yuan, or 1 fen per share, in the year-earlier period.

As of Oct. 26, US$1 was equivalent to 6.77 yuan.