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Shanghai New World Q1 profit falls YOY

Shanghai New World Co. Ltd. said its normalized net income for the first quarter amounted to 7 fen per share, a decline of 8.0% from 8 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 38.1 million yuan, a decrease of 8.3% from 41.5 million yuan in the prior-year period.

The normalized profit margin increased to 4.6% from 4.5% in the year-earlier period.

Total revenue fell 9.0% year over year to 830.9 million yuan from 913.3 million yuan, and total operating expenses fell 11.6% from the prior-year period to 728.1 million yuan from 823.6 million yuan.

Reported net income declined 16.1% from the prior-year period to 42.3 million yuan, or 8 fen per share, from 50.4 million yuan, or 10 fen per share.

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