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Hunan Friendship & Apollo Commercial Q1 profit falls YOY

Hunan Friendship&Apollo Commercial Co. Ltd. said its normalized net income for the first quarter amounted to 11 fen per share, a decrease of 8.0% from 12 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 121.5 million yuan, a decline of 7.9% from 131.9 million yuan in the prior-year period.

The normalized profit margin rose to 6.8% from 6.8% in the year-earlier period.

Total revenue fell 8.3% on an annual basis to 1.78 billion yuan from 1.94 billion yuan, and total operating expenses decreased 7.4% from the prior-year period to 1.61 billion yuan from 1.74 billion yuan.

Reported net income decreased 14.0% from the prior-year period to 128.0 million yuan, or 11 fen per share, from 149.0 million yuan, or 13 fen per share.

As of April 26, US$1 was equivalent to 6.50 yuan.