Nanjing Central Emporium (Group) Stocks Co. Ltd. said its normalized net income for the first quarter came to 4 fen per share, a decrease of 41.2% 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 50.8 million yuan, a decrease of 41.3% from 86.6 million yuan in the year-earlier period.

The normalized profit margin dropped to 2.7% from 4.4% in the year-earlier period.

Total revenue fell 6.9% year over year to 1.82 billion yuan from 1.96 billion yuan, and total operating expenses declined 6.2% year over year to 1.68 billion yuan from 1.79 billion yuan.

Reported net income declined 55.0% on an annual basis to 42.1 million yuan, or 4 fen per share, from 93.5 million yuan, or 8 fen per share.

As of April 27, US$1 was equivalent to 6.50 yuan.