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Shanghai New World Q3 profit falls YOY

Shanghai New World Co. Ltd said its normalized net income for the third quarter came to 6 fen per share, a decrease of 34.3% from 9 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 26.5 million yuan, a decrease of 45.1% from 48.3 million yuan in the prior-year period.

The normalized profit margin declined to 5.8% from 6.5% in the year-earlier period.

Total revenue decreased on an annual basis to 714.5 million yuan from 740.3 million yuan, and total operating expenses declined year over year to 659.5 million yuan from 666.2 million yuan.

Reported net income grew from the prior-year period to 8.7 million yuan, or 2 fen per share, from 1.1 million yuan, or 0 fen per share.

As of Oct. 27, US$1 was equivalent to 6.78 yuan.