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Zhongxing Shenyang Commercial Building Q1 profit falls YOY

Zhongxing Shenyang Commercial Building Group Co. Ltd. said its first-quarter normalized net income was 3 fen per share, a decline of 26.6% from 5 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 9.2 million yuan, a decline of 27.7% from 12.7 million yuan in the prior-year period.

The normalized profit margin dropped to 1.1% from 1.5% in the year-earlier period.

Total revenue declined on an annual basis to 822.1 million yuan from 863.7 million yuan, and total operating expenses decreased on an annual basis to 800.6 million yuan from 838.6 million yuan.

Reported net income declined 22.3% from the prior-year period to 11.3 million yuan, or 4 fen per share, from 14.5 million yuan, or 5 fen per share.

As of April 24, US$1 was equivalent to 6.19 yuan.