Sanjiang Shopping Club Co. Ltd. said its first-quarter normalized net income was 5 fen per share, a decrease of 8.0% from 6 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 22.3 million yuan, a decline of 8.0% from 24.2 million yuan in the year-earlier period.

The normalized profit margin climbed to 2.2% from 2.0% in the year-earlier period.

Total revenue declined year over year to 1.21 billion yuan from 1.24 billion yuan, and total operating expenses declined on an annual basis to 1.18 billion yuan from 1.21 billion yuan.

Reported net income increased 13.4% from the prior-year period to 31.9 million yuan, or 8 fen per share, from 28.1 million yuan, or 7 fen per share.

As of April 22, US$1 was equivalent to 6.50 yuan.