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.