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GOME Retail Q1 profit climbs 24.0% YOY

GOME Retail Holdings Ltd said its normalized net income for the first quarter was 277.5 million yuan, an increase of 24.0% from 223.9 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 1.9% from 1.7% in the year-earlier period.

Total revenue grew 8.3% year over year to 14.46 billion yuan from 13.35 billion yuan, and total operating expenses increased 8.0% from the prior-year period to 14.17 billion yuan from 13.12 billion yuan.

Reported net income came to 292.5 million yuan, compared with 268.1 million yuan in the year-earlier period.

As of May 21, US$1 was equivalent to 6.20 yuan.