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Jiangsu Lianfa Textile Q1 profit climbs 15.8% YOY

Jiangsu Lianfa Textile Co.Ltd said its normalized net income for the first quarter was 13 fen per share, an increase of 10.0% from 12 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 42.8 million yuan, a gain of 15.8% from 37.0 million yuan in the year-earlier period.

The normalized profit margin increased to 5.4% from 4.9% in the year-earlier period.

Total revenue rose year over year to 787.8 million yuan from 756.8 million yuan, and total operating expenses climbed from the prior-year period to 715.7 million yuan from 698.6 million yuan.

Reported net income totaled 46.3 million yuan, or 14 fen per share, compared to 44.0 million yuan, or 14 fen per share, in the prior-year period.

As of April 20, US$1 was equivalent to 6.20 yuan.