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Happigo Home Shopping Q1 profit falls YOY

Happigo Home Shopping Co. Ltd. said its normalized net income for the first quarter amounted to 4 fen per share, a decline of 56.6% from 8 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 14.2 million yuan, a decrease of 47.3% from 27.0 million yuan in the year-earlier period.

The normalized profit margin dropped to 2.0% from 3.7% in the year-earlier period.

Total revenue came to 721.2 million yuan, compared with 726.3 million yuan in the year-earlier period, and total operating expenses rose from the prior-year period to 703.8 million yuan from 690.9 million yuan.

Reported net income decreased 44.1% year over year to 23.6 million yuan, or 6 fen per share, from 42.2 million yuan, or 13 fen per share.

As of April 23, US$1 was equivalent to 6.20 yuan.