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Sinoer Men's Wear Q1 profit falls YOY

Sinoer Men's Wear Co. Ltd. said its normalized net income for the first quarter amounted to 3.8 million yuan, a decrease of 22.0% from 4.9 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 fell to 1.3% from 2.1% in the year-earlier period.

Total revenue climbed 25.4% year over year to 296.0 million yuan from 236.0 million yuan, and total operating expenses increased 26.9% year over year to 286.7 million yuan from 225.9 million yuan.

Reported net income totaled 4.7 million yuan, compared with 4.5 million yuan, or 1 fen per share, in the year-earlier period.

As of April 24, US$1 was equivalent to 6.19 yuan.