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China Fordoo H2 profit climbs 9.3% YOY

China Fordoo Holdings Ltd said its second-half normalized net income was 28 fen per share, a gain of 7.1% from 26 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 135.2 million yuan, a gain of 9.3% from 123.7 million yuan in the prior-year period.

Total revenue grew 15.4% on an annual basis to 1.05 billion yuan from 906.2 million yuan, and total operating expenses climbed 18.8% from the prior-year period to 828.3 million yuan from 697.1 million yuan.

Reported net income grew 6.9% from the prior-year period to 151.8 million yuan, or 31 fen per share, from 141.9 million yuan, or 30 fen per share.

For the year, the company's normalized net income totaled 54 fen per share, a decrease of 7.9% from 58 fen per share in the prior year.

Normalized net income was 257.6 million yuan, a rise of 6.4% from 242.1 million yuan in the prior year.

Full-year total revenue increased 12.0% from the prior-year period to 1.87 billion yuan from 1.67 billion yuan, and total operating expenses rose 15.0% year over year to 1.45 billion yuan from 1.26 billion yuan.

The company said reported net income grew 6.7% year over year to 288.7 million yuan, or 60 fen per share, in the full year, from 270.6 million yuan, or 65 fen per share.

As of March 8, US$1 was equivalent to 6.50 yuan.