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Happigo Home Shopping Q3 profit falls YOY

Happigo Home Shopping Co. Ltd. said its normalized net income for the third quarter was 1 fen per share, a decrease of 48.4% from 2 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 4.2 million yuan, a decrease of 48.4% from 8.2 million yuan in the prior-year period.

The normalized profit margin dropped to 0.6% from 1.4% in the year-earlier period.

Total revenue grew 27.3% year over year to 745.5 million yuan from 585.4 million yuan, and total operating expenses grew 28.9% from the prior-year period to 751.5 million yuan from 583.1 million yuan.

Reported net income declined 54.0% from the prior-year period to 5.9 million yuan, or 1 fen per share, from 12.9 million yuan, or 3 fen per share.

As of Oct. 26, US$1 was equivalent to 6.77 yuan.