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Henan Xinye Textile Q1 profit falls YOY

Henan Xinye Textile Co. Ltd. said its normalized net income for the first quarter amounted to 2 fen per share, a decrease of 8.6% from 2 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 11.2 million yuan, a decrease of 8.5% from 12.2 million yuan in the prior-year period.

The normalized profit margin increased to 2.1% from 1.6% in the year-earlier period.

Total revenue grew 6.7% year over year to 800.9 million yuan from 750.3 million yuan, and total operating expenses increased 5.9% from the prior-year period to 734.8 million yuan from 694.1 million yuan.

Reported net income grew 38.4% from the prior-year period to 16.4 million yuan, or 2 fen per share, from 11.8 million yuan, or 2 fen per share.

As of April 21, US$1 was equivalent to 6.48 yuan.