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Beijing Hualian Hypermarket swings to loss in Q1

Beijing Hualian Hypermarket Co. Ltd. said its first-quarter normalized net income amounted to a loss of 14.0 million yuan, compared with income of 72,080 yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 0.5% from 0.0% in the year-earlier period.

Total revenue decreased 5.3% year over year to 3.74 billion yuan from 3.95 billion yuan, and total operating expenses decreased 4.9% on an annual basis to 3.73 billion yuan from 3.93 billion yuan.

Reported net income came to a loss of 48.5 million yuan, or a loss of 7 fen per share, compared to income of 139.9 million yuan, or 21 fen per share, in the prior-year period.

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