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Zhejiang Semir Garment Q1 profit climbs 14.7% YOY

Zhejiang Semir Garment Co. Ltd. said its normalized net income for the first quarter was 9 fen per share, compared with the S&P Capital IQ consensus estimate of 9 fen per share.

EPS climbed 18.5% year over year from 7 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 235.9 million yuan, a gain of 14.7% from 205.6 million yuan in the year-earlier period.

The normalized profit margin fell to 12.3% from 12.4% in the year-earlier period.

Total revenue grew 16.1% on an annual basis to 1.92 billion yuan from 1.66 billion yuan, and total operating expenses grew 15.0% year over year to 1.58 billion yuan from 1.38 billion yuan.

Reported net income increased 24.5% year over year to 244.5 million yuan, or 9 fen per share, from 196.3 million yuan, or 7 fen per share.

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