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Hunan Friendship & Apollo Commercial Q3 profit falls YOY

Hunan Friendship&Apollo Commercial Co. Ltd. said its third-quarter normalized net income amounted to 3 fen per share, a decrease of 8.3% from 3 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 38.8 million yuan, compared with 39.1 million yuan in the year-earlier period.

The normalized profit margin declined to 3.1% from 3.4% in the year-earlier period.

Total revenue rose 9.4% year over year to 1.25 billion yuan from 1.14 billion yuan, and total operating expenses increased 12.8% on an annual basis to 1.22 billion yuan from 1.08 billion yuan.

Reported net income decreased 33.3% on an annual basis to 25.4 million yuan, or 2 fen per share, from 38.0 million yuan, or 3 fen per share.

As of Oct. 14, US$1 was equivalent to 6.73 yuan.