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Shanghai New World Q1 profit falls YOY

Shanghai New World Co. Ltd said its first-quarter normalized net income was 5 fen per share, a decline of 26.2% from 7 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 24.5 million yuan, a decline of 35.6% from 38.1 million yuan in the year-earlier period.

The normalized profit margin climbed to 7.6% from 4.6% in the year-earlier period.

Total revenue decreased on an annual basis to 807.0 million yuan from 830.9 million yuan, and total operating expenses declined from the prior-year period to 695.6 million yuan from 728.1 million yuan.

Reported net income decreased 67.3% on an annual basis to 13.8 million yuan, or 3 fen per share, from 42.3 million yuan, or 8 fen per share.

As of April 28, US$1 was equivalent to 6.48 yuan.