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Parkson Retail swings to loss in Q1

Parkson Retail Group Ltd said its normalized net income for the first quarter came to 17.2 million yuan, compared with income of 130.5 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 declined to negative 1.3% from 9.5% in the year-earlier period.

Total revenue came to 1.37 billion yuan, compared with 1.38 billion yuan in the prior-year period, and total operating expenses grew 18.8% year over year to 1.40 billion yuan from 1.18 billion yuan.

Reported net income came to a loss of 27.3 million yuan, compared with income of 148.9 million yuan in the year-earlier period.

As of May 21, US$1 was equivalent to 6.20 yuan.