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Hunan Mendale Hometextile Q1 profit falls YOY

Hunan Mendale Hometextile Co. Ltd. said its normalized net income for the first quarter amounted to 3 fen per share, a decrease from 3 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 22.5 million yuan, a decrease from 23.0 million yuan in the prior-year period.

The normalized profit margin climbed to 9.1% from 7.2% in the year-earlier period.

Total revenue declined 17.7% on an annual basis to 262.0 million yuan from 318.5 million yuan, and total operating expenses fell 19.5% from the prior-year period to 226.7 million yuan from 281.5 million yuan.

Reported net income rose 12.3% from the prior-year period to 32.0 million yuan, or 5 fen per share, from 28.5 million yuan, or 4 fen per share.

As of April 24, US$1 was equivalent to 6.19 yuan.