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Wangfujing Group Q3 profit falls YOY

Wangfujing Group Co. Ltd. said its third-quarter normalized net income was 16 fen per share, a decline of 20.4% from 21 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 99.5 million yuan, a decrease of 20.2% from 124.8 million yuan in the year-earlier period.

The normalized profit margin dropped to 2.5% from 3.2% in the year-earlier period.

Total revenue grew on an annual basis to 4.02 billion yuan from 3.90 billion yuan, and total operating expenses increased year over year to 3.87 billion yuan from 3.71 billion yuan.

Reported net income declined 29.0% from the prior-year period to 99.0 million yuan, or 16 fen per share, from 139.5 million yuan, or 23 fen per share.

As of Oct. 28, US$1 was equivalent to 6.78 yuan.