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V-Grass Fashion Q1 profit climbs YOY

V-Grass Fashion Co. Ltd. said its normalized net income for the first quarter came to 22 fen per share, a decrease of 20.3% from 27 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 31.9 million yuan, a gain from 30.5 million yuan in the year-earlier period.

The normalized profit margin climbed to 14.0% from 13.8% in the year-earlier period.

Total revenue rose 11.3% on an annual basis to 246.4 million yuan from 221.4 million yuan, and total operating expenses increased 13.8% on an annual basis to 197.7 million yuan from 173.7 million yuan.

Reported net income grew 18.4% year over year to 40.9 million yuan, or 28 fen per share, from 34.6 million yuan, or 31 fen per share.

As of April 27, US$1 was equivalent to 6.22 yuan.