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Shenyang Commercial City Q1 loss narrows YOY

Shenyang Commercial City Co. Ltd. said its normalized net income for the first quarter was a loss of 10 fen per share, compared with a loss of 18 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 a loss of 18.3 million yuan, compared with a loss of 31.2 million yuan in the year-earlier period.

The normalized profit margin rose to negative 4.8% from negative 6.4% in the year-earlier period.

Total revenue fell 23.6% year over year to 372.9 million yuan from 488.4 million yuan, and total operating expenses fell 24.4% from the prior-year period to 380.5 million yuan from 503.5 million yuan.

Reported net income totaled a loss of 30.9 million yuan, or a loss of 17 fen per share, compared to a loss of 54.5 million yuan, or a loss of 31 fen per share, in the prior-year period.

As of April 17, US$1 was equivalent to 6.20 yuan.