Nanjing Xinjiekou Department Store Co. Ltd. said its normalized net income for the first quarter came to a loss of 10 fen per share, compared with a loss of 9 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 88.0 million yuan, compared with a loss of 76.2 million yuan in the year-earlier period.

The normalized profit margin dropped to negative 2.4% from negative 2.3% in the year-earlier period.

Total revenue fell on an annual basis to 3.17 billion yuan from 3.27 billion yuan, and total operating expenses declined from the prior-year period to 3.28 billion yuan from 3.35 billion yuan.

Reported net income came to a loss of 176.8 million yuan, or a loss of 21 fen per share, compared to a loss of 155.8 million yuan, or a loss of 19 fen per share, in the year-earlier period.

As of April 29, US$1 was equivalent to 6.48 yuan.