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Shanghai Join Buy Q1 profit climbs 14.8% YOY

Shanghai Join Buy Co.Ltd. said its normalized net income for the first quarter came to 3 fen per share, an increase of 14.7% from 2 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 11.2 million yuan, an increase of 14.8% from 9.8 million yuan in the prior-year period.

The normalized profit margin increased to 54.1% from 37.3% in the year-earlier period.

Total revenue decreased 21.0% year over year to 20.7 million yuan from 26.2 million yuan, and total operating expenses declined 12.5% from the prior-year period to 28.8 million yuan from 32.9 million yuan.

Reported net income increased 14.1% on an annual basis to 17.9 million yuan, or 4 fen per share, from 15.7 million yuan, or 4 fen per share.

As of April 27, US$1 was equivalent to 6.50 yuan.