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Lu Thai Textile Q1 profit falls YOY

Lu Thai Textile Co. Ltd. said its normalized net income for the first quarter was 12 fen per share, a decrease of 33.2% from 18 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 111.7 million yuan, a decline of 34.4% from 170.4 million yuan in the year-earlier period.

The normalized profit margin declined to 8.0% from 11.2% in the year-earlier period.

Total revenue fell 6.3% year over year to 1.43 billion yuan from 1.52 billion yuan, and total operating expenses totaled 1.26 billion yuan, compared with 1.25 billion yuan in the prior-year period.

Reported net income fell 28.6% from the prior-year period to 152.7 million yuan, or 16 fen per share, from 213.8 million yuan, or 22 fen per share.

As of April 24, US$1 was equivalent to 6.19 yuan.