Zhejiang Busen Garments Co. Ltd. said its first-quarter normalized net income came to 3 fen per share, a decrease of 44.8% from 5 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 3.0 million yuan, a decrease of 55.7% from 6.9 million yuan in the prior-year period.
The normalized profit margin declined to 2.8% from 4.9% in the year-earlier period.
Total revenue declined 21.0% on an annual basis to 110.6 million yuan from 140.0 million yuan, and total operating expenses fell 18.9% on an annual basis to 103.2 million yuan from 127.3 million yuan.
Reported net income decreased 46.5% on an annual basis to 2.2 million yuan, or 2 fen per share, from 4.1 million yuan, or 3 fen per share.
As of April 28, US$1 was equivalent to 6.20 yuan.
