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Parkson Retail swings to profit in Q1

Parkson Retail Group Ltd said its normalized net income for the first quarter was 1.9 million yuan, compared with a loss of 17.2 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 0.2% from negative 1.3% in the year-earlier period.

Total revenue declined 9.4% on an annual basis to 1.24 billion yuan from 1.37 billion yuan, and total operating expenses decreased 12.5% on an annual basis to 1.23 billion yuan from 1.40 billion yuan.

Reported net income totaled a loss of 17.8 million yuan, compared with a loss of 27.3 million yuan in the year-earlier period.

As of May 19, US$1 was equivalent to 6.54 yuan.