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Shenyang Cuihua Gold & Silver Jewelry Q1 profit falls YOY

Shenyang Cuihua Gold and Silver Jewelry Co. Ltd. said its normalized net income for the first quarter was 14 fen per share, a decline of 49.6% from 28 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 21.1 million yuan, a decrease of 25.8% from 28.5 million yuan in the year-earlier period.

The normalized profit margin dropped to 2.5% from 3.0% in the year-earlier period.

Total revenue fell 7.9% year over year to 870.6 million yuan from 944.8 million yuan, and total operating expenses fell 7.3% year over year to 828.0 million yuan from 893.3 million yuan.

Reported net income totaled 28.8 million yuan, or 19 fen per share, compared to a loss of 2.1 million yuan, or a loss of 2 fen per share, in the year-earlier period.

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