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Zhejiang Bangjie Digital Knitting Q1 profit falls YOY

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Zhejiang Bangjie Digital Knitting Q1 profit falls YOY

Zhejiang Bangjie Digital Knitting Share Co. Ltd. said its normalized net income for the first quarter came to 1 fen per share, a decrease of 31.6% from 2 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 5.6 million yuan, a decline of 14.0% from 6.5 million yuan in the prior-year period.

The normalized profit margin rose to 9.3% from 8.4% in the year-earlier period.

Total revenue fell 12.3% year over year to 67.4 million yuan from 76.8 million yuan, and total operating expenses declined 12.1% on an annual basis to 60.7 million yuan from 69.1 million yuan.

Reported net income decreased from the prior-year period to 8.9 million yuan, or 2 fen per share, from 9.1 million yuan, or 3 fen per share.

As of April 28, US$1 was equivalent to 6.20 yuan.