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Zhejiang Semir Garment profit misses consensus by 32.5% in Q2

Zhejiang Semir Garment Co. Ltd. said its normalized net income for the second quarter amounted to 7 fen per share, compared with the S&P Capital IQ consensus estimate of 10 fen per share.

EPS rose 16.6% year over year from 6 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 180.9 million yuan, a gain of 26.1% from 143.4 million yuan in the prior-year period.

The normalized profit margin rose to 9.2% from 8.4% in the year-earlier period.

Total revenue rose 14.2% year over year to 1.96 billion yuan from 1.71 billion yuan, and total operating expenses climbed 11.9% year over year to 1.72 billion yuan from 1.54 billion yuan.

Reported net income grew 18.5% year over year to 268.1 million yuan, or 10 fen per share, from 226.3 million yuan, or 9 fen per share.

As of Aug. 26, US$1 was equivalent to 6.67 yuan.