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Banking Essentials Newsletter: 17th April Edition

Shenwan Hongyuan Group Q1 profit falls YOY

Shenwan Hongyuan Group Co., Ltd. said its first-quarter normalized net income was 4 fen per share, a gain of 5.4% from 4 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 800.7 million yuan, a decline from 818.0 million yuan in the year-earlier period.

The normalized profit margin climbed to 28.4% from 27.8% in the year-earlier period.

Total revenue decreased on an annual basis to 2.82 billion yuan from 2.94 billion yuan, and total operating expenses decreased 6.3% year over year to 1.51 billion yuan from 1.61 billion yuan.

Reported net income totaled 971.8 million yuan, or 5 fen per share, compared with 1.05 billion yuan, or 5 fen per share, in the year-earlier period.

As of April 27, US$1 was equivalent to 6.89 yuan.