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Sanjiang Shopping Club Q1 profit falls YOY

Sanjiang Shopping Club Co. Ltd. said its first-quarter normalized net income was 6 fen per share, a decrease of 26.7% from 8 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 24.1 million yuan, a decrease of 26.7% from 32.9 million yuan in the prior-year period.

The normalized profit margin declined to 2.0% from 2.6% in the year-earlier period.

Total revenue fell on an annual basis to 1.24 billion yuan from 1.27 billion yuan, and total operating expenses declined from the prior-year period to 1.21 billion yuan from 1.23 billion yuan.

Reported net income declined 27.9% on an annual basis to 28.1 million yuan, or 7 fen per share, from 39.0 million yuan, or 9 fen per share.

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