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HaiNan Yedao (Group) Q1 profit falls YOY

HaiNan Yedao (Group) Co. Ltd. said its first-quarter normalized net income came to 122,280 yuan, a fall of 98.8% from 10.3 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 1.3% from 8.9% in the year-earlier period.

Total revenue declined 16.2% on an annual basis to 96.5 million yuan from 115.2 million yuan, and total operating expenses declined 8.9% year over year to 100.2 million yuan from 110.0 million yuan.

Reported net income decreased 93.8% from the prior-year period to 715,360 yuan, or 0 fen per share, from 11.5 million yuan, or 3 fen per share.

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