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Hangzhou Jiebai Q1 profit falls YOY

Hangzhou Jiebai Group Co.Ltd.. said its first-quarter normalized net income amounted to 6 fen per share, a decline of 25.2% 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 46.5 million yuan, a decrease of 23.7% from 61.0 million yuan in the year-earlier period.

The normalized profit margin declined to 3.4% from 4.0% in the year-earlier period.

Total revenue declined 10.4% year over year to 1.36 billion yuan from 1.52 billion yuan, and total operating expenses fell 9.9% from the prior-year period to 1.23 billion yuan from 1.37 billion yuan.

Reported net income fell 25.8% on an annual basis to 60.2 million yuan, or 8 fen per share, from 81.2 million yuan, or 11 fen per share.

As of April 28, US$1 was equivalent to 6.48 yuan.