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Sou Yu Te Fashion Q2 profit climbs 39.8% YOY

Sou Yu Te Group Co. Ltd. said its second-quarter normalized net income came to 2 fen per share, an increase of 51.4% from 1 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 44.2 million yuan, a gain of 39.8% from 31.6 million yuan in the prior-year period.

The normalized profit margin fell to 8.5% from 11.0% in the year-earlier period.

Total revenue climbed 62.1% on an annual basis to 468.2 million yuan from 288.8 million yuan, and total operating expenses grew 61.8% from the prior-year period to 394.2 million yuan from 243.7 million yuan.

Reported net income rose 46.8% on an annual basis to 56.3 million yuan, or 2 fen per share, from 38.3 million yuan, or 1 fen per share.

As of July 27, US$1 was equivalent to 6.21 yuan.