Wangfujing Group Co. Ltd. said its normalized net income for the second quarter came to 23 fen per share, a decline of 27.1% from 32 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 138.8 million yuan, a decrease of 27.2% from 190.6 million yuan in the prior-year period.

The normalized profit margin fell to 3.1% from 4.7% in the year-earlier period.

Total revenue decreased on an annual basis to 3.95 billion yuan from 4.07 billion yuan, and total operating expenses fell year over year to 3.76 billion yuan from 3.88 billion yuan.

Reported net income declined 36.0% year over year to 152.4 million yuan, or 25 fen per share, from 238.0 million yuan, or 40 fen per share.

As of Aug. 26, US$1 was equivalent to 6.67 yuan.