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Tianjin Quanyechang Q1 profit falls YOY

Tianjin Quanyechang (Group) Co. Ltd. said its normalized net income for the first quarter came to 1.1 million yuan, a fall of 21.7% from 1.5 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 0.8% from 0.7% in the year-earlier period.

Total revenue fell 25.8% year over year to 163.9 million yuan from 221.0 million yuan, and total operating expenses decreased 30.3% year over year to 161.3 million yuan from 231.3 million yuan.

Reported net income totaled 2.4 million yuan, compared with 2.5 million yuan, or 1 fen per share, in the year-earlier period.

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