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Dalian Friendship Q1 profit falls YOY

Dalian Friendship (Group) Co. Ltd. said its normalized net income for the first quarter came to 4 fen per share, a decrease of 84.5% from 29 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 15.9 million yuan, a decline of 84.5% from 102.5 million yuan in the year-earlier period.

The normalized profit margin declined to 3.1% from 12.8% in the year-earlier period.

Total revenue declined 36.4% on an annual basis to 510.8 million yuan from 803.3 million yuan, and total operating expenses declined 28.7% on an annual basis to 547.8 million yuan from 767.9 million yuan.

Reported net income fell 85.7% year over year to 17.8 million yuan, or 5 fen per share, from 124.9 million yuan, or 35 fen per share.

As of April 29, US$1 was equivalent to 6.48 yuan.