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Tangrenshen Q1 profit falls YOY

Tangrenshen Group Co. Ltd. said its first-quarter normalized net income was 2 fen per share, a decrease of 33.1% from 2 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 9.9 million yuan, a decrease of 38.7% from 16.1 million yuan in the prior-year period.

The normalized profit margin increased to 0.9% from 0.8% in the year-earlier period.

Total revenue declined on an annual basis to 2.02 billion yuan from 2.08 billion yuan, and total operating expenses fell year over year to 1.98 billion yuan from 2.04 billion yuan.

Reported net income grew 13.3% year over year to 15.6 million yuan, or 2 fen per share, from 13.8 million yuan, or 2 fen per share.

As of April 27, US$1 was equivalent to 6.22 yuan.