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Shanghai Shenda Q1 profit falls YOY

Shanghai Shenda Co. Ltd. said its normalized net income for the first quarter was 3 fen per share, a decline of 25.2% from 4 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 23.1 million yuan, a decline of 25.3% from 30.9 million yuan in the prior-year period.

The normalized profit margin fell to 1.3% from 1.9% in the year-earlier period.

Total revenue increased year over year to 1.73 billion yuan from 1.65 billion yuan, and total operating expenses grew 6.8% from the prior-year period to 1.70 billion yuan from 1.60 billion yuan.

Reported net income fell 17.4% from the prior-year period to 25.0 million yuan, or 4 fen per share, from 30.3 million yuan, or 4 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.