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Shanghai Yuyuan Tourist Mart Q1 profit falls YOY

Shanghai Yuyuan Tourist Mart Co. Ltd. said its normalized net income for the first quarter was 8 fen per share, a decrease of 36.0% from 13 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 116.4 million yuan, a decline of 36.1% from 182.0 million yuan in the year-earlier period.

The normalized profit margin dropped to 2.2% from 2.9% in the year-earlier period.

Total revenue declined 11.4% on an annual basis to 5.50 billion yuan from 6.21 billion yuan, and total operating expenses fell 10.5% on an annual basis to 5.24 billion yuan from 5.86 billion yuan.

Reported net income increased 44.7% on an annual basis to 241.2 million yuan, or 17 fen per share, from 166.7 million yuan, or 12 fen per share.

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