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Cabbeen Fashion H2 profit climbs 12.3% YOY

Cabbeen Fashion Ltd. said its normalized net income for the second half was 16 fen per share, a gain of 11.7% from 14 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 115.3 million yuan, an increase of 12.3% from 102.7 million yuan in the year-earlier period.

Total revenue grew 18.9% on an annual basis to 795.2 million yuan from 668.8 million yuan, and total operating expenses rose 19.1% on an annual basis to 610.7 million yuan from 512.6 million yuan.

Reported net income grew 13.0% from the prior-year period to 138.3 million yuan, or 19 fen per share, from 122.4 million yuan, or 17 fen per share.

For the year, the company's normalized net income totaled 34 fen per share, an increase of 21.9% from 28 fen per share in the prior year.

Normalized net income was 244.5 million yuan, an increase of 22.6% from 199.4 million yuan in the prior year.

Full-year total revenue grew 23.5% year over year to 1.36 billion yuan from 1.10 billion yuan, and total operating expenses increased 22.5% on an annual basis to 976.3 million yuan from 796.6 million yuan.

The company said reported net income rose 22.1% on an annual basis to 287.6 million yuan, or 40 fen per share, in the full year, from 235.5 million yuan, or 33 fen per share.

As of Feb. 3, US$1 was equivalent to 6.58 yuan.