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Golden Eagle Retail H1 profit falls YOY

Golden Eagle Retail Group Ltd said its first-half normalized net income came to 15 fen per share, a decline of 31.5% from 22 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 258.7 million yuan, a decline of 35.4% from 400.7 million yuan in the prior-year period.

Total revenue grew on an annual basis to 2.30 billion yuan from 2.19 billion yuan, and total operating expenses climbed year over year to 1.65 billion yuan from 1.58 billion yuan.

Reported net income fell 60.9% from the prior-year period to 229.2 million yuan, or 14 fen per share, from 586.1 million yuan, or 33 fen per share.

As of Sept. 9, US$1 was equivalent to 6.68 yuan.