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Sanjiang Shopping Club Q2 profit falls YOY

Sanjiang Shopping Club Co. Ltd. said its normalized net income for the second quarter came to 4 fen per share, a decrease of 10.9% 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 16.5 million yuan, a decrease of 10.9% from 18.5 million yuan in the prior-year period.

The normalized profit margin dropped to 1.6% from 1.8% in the year-earlier period.

Total revenue fell 6.2% year over year to 950.5 million yuan from 1.01 billion yuan, and total operating expenses decreased 5.2% on an annual basis to 950.5 million yuan from 1.00 billion yuan.

Reported net income declined 20.2% year over year to 18.4 million yuan, or 4 fen per share, from 23.1 million yuan, or 6 fen per share.

As of Aug. 25, US$1 was equivalent to 6.66 yuan.