Red Star Macalline Returns to Profit in Q1; Shares Rise 13%
Red Star Macalline (HKG:1528, SHA:601828) posted net profit attributable to owners of 47.7 million yuan for the first quarter, rebounding from a loss of 513.4 million yuan a year earlier, according to a Monday Hong Kong bourse filing.Shares of the home decor company were up nearly 13% in midday trade on Tuesday.Earnings per share came in at 0.01 yuan, compared with a loss per share of 0.12 yuan in the prior-year period.Revenue slid to 1.55 billion yuan from 1.62 billion yuan a year earlier.Separately, the company said it operated 73 portfolio shopping malls and 214 managed shopping malls as of March 31, alongside six home furnishing malls under strategic cooperation.It also franchised 17 home improvement material projects, covering 336 stores or industry streets.
