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Zhejiang Semir Garment Q1 profit climbs 22.7% YOY

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Zhejiang Semir Garment Q1 profit climbs 22.7% YOY

Zhejiang Semir Garment Co. Ltd. said its normalized net income for the first quarter was 8 fen per share, compared with the S&P Capital IQ consensus estimate of 8 fen per share.

EPS rose 21.5% year over year from 6 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 208.1 million yuan, a gain of 22.7% from 169.6 million yuan in the prior-year period.

The normalized profit margin increased to 12.4% from 11.6% in the year-earlier period.

Total revenue grew 13.6% year over year to 1.66 billion yuan from 1.46 billion yuan, and total operating expenses grew 12.6% from the prior-year period to 1.38 billion yuan from 1.22 billion yuan.

Reported net income increased 22.0% on an annual basis to 196.3 million yuan, or 7 fen per share, from 160.9 million yuan, or 6 fen per share.

As of April 27, US$1 was equivalent to 6.22 yuan.