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Sou Yu Te Fashion Q4 profit climbs YOY

Sou Yu Te Group Co. Ltd. said its fourth-quarter normalized net income came to 39.3 million yuan, a gain from 9.4 million yuan in the year-earlier period.

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

The normalized profit margin climbed to 5.5% from 2.4% in the year-earlier period.

Total revenue climbed 68.8% on an annual basis to 648.9 million yuan from 384.5 million yuan, and total operating expenses climbed 57.9% year over year to 574.5 million yuan from 363.9 million yuan.

Reported net income grew year over year to 45.9 million yuan, or 2 fen per share, from 15.7 million yuan, or 1 fen per share.

For the year, the company's normalized net income totaled 6 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 7 fen.

EPS rose 59.9% from 4 fen in the prior year.

Normalized net income was 164.6 million yuan, a gain of 61.7% from 101.8 million yuan in the prior year.

Full-year total revenue rose 51.8% year over year to 1.98 billion yuan from 1.31 billion yuan, and total operating expenses grew 46.5% on an annual basis to 1.69 billion yuan from 1.15 billion yuan.

The company said reported net income rose 57.5% on an annual basis to 194.0 million yuan, or 7 fen per share, in the full year, from 123.2 million yuan, or 5 fen per share.

As of March 3, US$1 was equivalent to 6.53 yuan.