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Henan Xinye Textile Q3 profit climbs 54.1% YOY

Henan Xinye Textile Co. Ltd. said its third-quarter normalized net income was 6 fen per share, a decrease from 6 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 65.6 million yuan, a gain of 54.1% from 42.6 million yuan in the year-earlier period.

The normalized profit margin declined to 6.0% from 6.3% in the year-earlier period.

Total revenue rose 63.5% year over year to 1.10 billion yuan from 674.3 million yuan, and total operating expenses climbed 56.0% from the prior-year period to 963.2 million yuan from 617.4 million yuan.

Reported net income increased 23.3% from the prior-year period to 72.5 million yuan, or 7 fen per share, from 58.8 million yuan, or 9 fen per share.

As of Oct. 20, US$1 was equivalent to 6.75 yuan.