Zhongmin Baihui Retail Group Ltd. said its normalized net income for the first quarter was 10 fen per share, an increase of 85.0% from 5 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 19.2 million yuan, an increase of 85.0% from 10.4 million yuan in the prior-year period.

The normalized profit margin increased to 8.2% from 4.1% in the year-earlier period.

Total revenue fell 8.7% on an annual basis to 233.3 million yuan from 255.6 million yuan, and total operating expenses decreased 11.4% year over year to 220.9 million yuan from 249.3 million yuan.

Reported net income grew from the prior-year period to 23.6 million yuan, or 12 fen per share, from 11.8 million yuan, or 6 fen per share.

As of May 15, US$1 was equivalent to 6.21 yuan.