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Hunan Friendship & Apollo Commercial Q1 profit falls YOY

Hunan Friendship & Apollo Commercial Co. Ltd. its normalized net income for the first quarter amounted to 12 fen per share, a decrease of 14.6% from 14 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 133.2 million yuan, a decrease of 14.0% from 154.9 million yuan in the prior-year period.

The normalized profit margin fell to 6.8% from 8.4% in the year-earlier period.

Total revenue grew 5.3% on an annual basis to 1.94 billion yuan from 1.84 billion yuan, and total operating expenses rose 7.7% on an annual basis to 1.74 billion yuan from 1.61 billion yuan.

Reported net income fell 18.3% on an annual basis to 149.0 million yuan, or 13 fen per share, from 182.4 million yuan, or 16 fen per share.

As of April 16, US$1 was equivalent to 6.19 yuan.