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Zhejiang Red Dragonfly Footwear Q1 profit falls YOY

Zhejiang Red Dragonfly Footwear Co. Ltd. said its normalized net income for the first quarter amounted to 16 fen per share, a decrease of 17.3% from 20 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 64.5 million yuan, a decline from 66.8 million yuan in the prior-year period.

The normalized profit margin rose to 9.3% from 8.6% in the year-earlier period.

Total revenue decreased year over year to 744.1 million yuan from 781.2 million yuan, and total operating expenses decreased on an annual basis to 648.8 million yuan from 676.4 million yuan.

Reported net income increased 5.6% on an annual basis to 75.9 million yuan, or 19 fen per share, from 71.9 million yuan, or 21 fen per share.

As of April 25, US$1 was equivalent to 6.49 yuan.