Yinchuan Xinhua Commercial (Group) Co. Ltd. said its normalized net income for the first quarter came to 31 fen per share, a decline of 29.2% from 43 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 70.3 million yuan, a decrease of 24.0% from 92.4 million yuan in the prior-year period.
The normalized profit margin dropped to 3.3% from 4.7% in the year-earlier period.
Total revenue rose 9.6% on an annual basis to 2.14 billion yuan from 1.95 billion yuan, and total operating expenses increased 10.4% from the prior-year period to 2.03 billion yuan from 1.84 billion yuan.
Reported net income fell 27.7% on an annual basis to 80.0 million yuan, or 35 fen per share, from 110.7 million yuan, or 52 fen per share.
As of April 28, US$1 was equivalent to 6.20 yuan.
