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Dashang Group Q1 profit falls YOY

Dashang Group Co. Ltd. said its normalized net income for the first quarter was 88 fen per share, a decrease of 24.9% from 1.17 yuan per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 257.7 million yuan, a decrease of 25.0% from 343.7 million yuan in the prior-year period.

The normalized profit margin fell to 2.9% from 3.6% in the year-earlier period.

Total revenue declined year over year to 9.14 billion yuan from 9.46 billion yuan, and total operating expenses declined year over year to 8.69 billion yuan from 8.88 billion yuan.

Reported net income declined 31.2% year over year to 292.7 million yuan, or 1 yuan per share, from 425.2 million yuan, or 1.45 yuan per share.

As of April 23, US$1 was equivalent to 6.20 yuan.