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Nanning Department Store Q1 profit climbs 5.0% YOY

Nanning Department Store Co. Ltd. said its normalized net income for the first quarter came to 1.8 million yuan, a rise of 5.0% from 1.7 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 0.3% from 0.2% in the year-earlier period.

Total revenue declined 6.4% on an annual basis to 641.4 million yuan from 685.0 million yuan, and total operating expenses fell 6.5% from the prior-year period to 634.9 million yuan from 679.3 million yuan.

Reported net income totaled 1.1 million yuan, or 0 fen per share, compared to 1.1 million yuan, or 0 fen per share, in the prior-year period.

As of April 28, US$1 was equivalent to 6.20 yuan.