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Sichuan Tuopai Shede Spirits Q1 profit falls YOY

Sichuan Tuopai Shede Spirits Co. Ltd. said its first-quarter normalized net income was 3 fen per share, a decrease of 10.7% from 3 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 8.8 million yuan, a decline of 11.1% from 9.9 million yuan in the prior-year period.

The normalized profit margin increased to 2.9% from 2.8% in the year-earlier period.

Total revenue decreased 9.7% on an annual basis to 315.1 million yuan from 349.0 million yuan, and total operating expenses decreased 11.9% on an annual basis to 293.0 million yuan from 332.6 million yuan.

Reported net income fell 45.6% from the prior-year period to 4.4 million yuan, or 1 fen per share, from 8.0 million yuan, or 2 fen per share.

As of April 20, US$1 was equivalent to 6.20 yuan.