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Zhejiang Xinao Textiles Q2 profit climbs 12.6% YOY

Zhejiang Xinao Textiles Inc. said its second-quarter normalized net income came to 12 fen per share, a decline of 17.8% from 15 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 39.3 million yuan, an increase of 12.6% from 34.9 million yuan in the prior-year period.

The normalized profit margin rose to 7.1% from 6.9% in the year-earlier period.

Total revenue increased 9.0% on an annual basis to 554.3 million yuan from 508.3 million yuan, and total operating expenses rose 11.2% year over year to 489.3 million yuan from 440.2 million yuan.

Reported net income increased 9.4% on an annual basis to 55.4 million yuan, or 17 fen per share, from 50.7 million yuan, or 21 fen per share.

As of Aug. 20, US$1 was equivalent to 6.39 yuan.