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Hefei Department Store Q2 profit falls YOY

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Capital Markets View – January 2021


Hefei Department Store Q2 profit falls YOY

Hefei Department Store Group Co. Ltd. said its normalized net income for the second quarter amounted to 7 fen per share, a decrease of 24.7% from 9 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 51.1 million yuan, a decline of 24.7% from 67.9 million yuan in the year-earlier period.

The normalized profit margin declined to 2.5% from 3.1% in the year-earlier period.

Total revenue came to 2.20 billion yuan, compared with 2.21 billion yuan in the year-earlier period, and total operating expenses totaled 2.11 billion yuan, compared with 2.11 billion yuan in the year-earlier period.

Reported net income fell 18.7% on an annual basis to 66.9 million yuan, or 9 fen per share, from 82.3 million yuan, or 11 fen per share.

As of Aug. 7, US$1 was equivalent to 6.21 yuan.