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Zhejiang Semir Garment profit misses consensus by 51.7% in Q4

Zhejiang Semir Garment Co. Ltd. said its normalized net income for the fourth quarter amounted to 10 fen per share, compared with the S&P Capital IQ consensus estimate of 20 fen per share.

EPS climbed 25.9% year over year from 8 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 269.6 million yuan, an increase of 34.3% from 200.7 million yuan in the year-earlier period.

The normalized profit margin increased to 8.2% from 7.2% in the year-earlier period.

Total revenue grew 17.9% on an annual basis to 3.29 billion yuan from 2.79 billion yuan, and total operating expenses climbed 14.7% from the prior-year period to 2.93 billion yuan from 2.55 billion yuan.

Reported net income grew 23.6% from the prior-year period to 520.4 million yuan, or 19 fen per share, from 420.9 million yuan, or 16 fen per share.

For the year, the company's normalized net income totaled 42 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 51 fen.

EPS rose 20.4% from 35 fen in the prior year.

Normalized net income was 1.13 billion yuan, a rise of 22.0% from 925.5 million yuan in the prior year.

Full-year total revenue rose 16.0% year over year to 9.45 billion yuan from 8.15 billion yuan, and total operating expenses grew 14.6% year over year to 7.87 billion yuan from 6.87 billion yuan.

The company said reported net income grew 23.5% year over year to 1.35 billion yuan, or 50 fen per share, in the full year, from 1.09 billion yuan, or 41 fen per share.

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