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Zhejiang Bangjie Digital Knitting Q1 profit climbs 50.2% YOY

Zhejiang Bangjie Digital Knitting Share Co. Ltd. said its first-quarter normalized net income was 2 fen per share, a gain of 43.1% from 1 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 9.4 million yuan, a gain of 50.2% from 6.2 million yuan in the year-earlier period.

The normalized profit margin climbed to 9.8% from 9.3% in the year-earlier period.

Total revenue rose 44.0% year over year to 97.0 million yuan from 67.4 million yuan, and total operating expenses increased 37.9% year over year to 83.7 million yuan from 60.7 million yuan.

Reported net income increased 35.2% from the prior-year period to 12.0 million yuan, or 3 fen per share, from 8.9 million yuan, or 2 fen per share.

As of April 28, US$1 was equivalent to 6.48 yuan.