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Zhejiang Xinao Textiles Q1 profit climbs 28.4% YOY

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Zhejiang Xinao Textiles Q1 profit climbs 28.4% YOY

Zhejiang Xinao Textiles Inc. said its first-quarter normalized net income amounted to 5 fen per share, a decrease from 6 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 17.4 million yuan, an increase of 28.4% from 13.6 million yuan in the year-earlier period.

The normalized profit margin increased to 6.1% from 3.9% in the year-earlier period.

Total revenue declined on an annual basis to 337.6 million yuan from 350.9 million yuan, and total operating expenses totaled 311.4 million yuan, compared with 314.3 million yuan in the year-earlier period.

Reported net income rose 67.2% from the prior-year period to 26.8 million yuan, or 8 fen per share, from 16.0 million yuan, or 7 fen per share.

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