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Happigo Home Shopping Q1 profit falls YOY

Happigo Home Shopping Co. Ltd. said its first-quarter normalized net income came to 2 fen per share, a decrease of 53.6% from 4 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.3 million yuan, a decline of 50.8% from 14.7 million yuan in the year-earlier period.

The normalized profit margin fell to 0.9% from 2.0% in the year-earlier period.

Total revenue grew 28.5% on an annual basis to 926.8 million yuan from 721.2 million yuan, and total operating expenses climbed 31.3% from the prior-year period to 923.8 million yuan from 703.8 million yuan.

Reported net income fell 46.6% on an annual basis to 12.6 million yuan, or 3 fen per share, from 23.6 million yuan, or 6 fen per share.

As of April 26, US$1 was equivalent to 6.50 yuan.