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Wenfeng Great World Chain Development Q1 profit falls YOY

Wenfeng Great World Chain Development Corp. said its first-quarter normalized net income came to 6 fen per share, a decline of 8.5% from 6 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 106.0 million yuan, a decrease of 10.7% from 118.7 million yuan in the prior-year period.

The normalized profit margin fell to 4.7% from 5.1% in the year-earlier period.

Total revenue fell on an annual basis to 2.24 billion yuan from 2.32 billion yuan, and total operating expenses fell on an annual basis to 2.07 billion yuan from 2.12 billion yuan.

Reported net income decreased 13.3% on an annual basis to 118.5 million yuan, or 6 fen per share, from 136.6 million yuan, or 7 fen per share.

As of April 30, US$1 was equivalent to 6.20 yuan.