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Hangzhou Jiebai Q1 profit falls YOY

Hangzhou Jiebai Group Co. Ltd. said its normalized net income for the first quarter was 8 fen per share, a decline of 8.4% from 9 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 61.0 million yuan, a decrease of 6.5% from 65.3 million yuan in the year-earlier period.

The normalized profit margin climbed to 4.0% from 4.0% in the year-earlier period.

Total revenue fell 7.2% year over year to 1.52 billion yuan from 1.63 billion yuan, and total operating expenses declined 6.5% from the prior-year period to 1.37 billion yuan from 1.46 billion yuan.

Reported net income declined 6.5% on an annual basis to 81.2 million yuan, or 11 fen per share, from 86.8 million yuan, or 12 fen per share.

As of April 28, US$1 was equivalent to 6.20 yuan.