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Zhejiang Aokang Shoes Q3 profit falls YOY

Zhejiang Aokang Shoes Co. Ltd. said its third-quarter normalized net income came to 9 fen per share, a decline of 18.5% from 11 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 36.1 million yuan, a decline of 17.9% from 44.0 million yuan in the year-earlier period.

The normalized profit margin declined to 5.8% from 6.1% in the year-earlier period.

Total revenue decreased 5.4% year over year to 685.7 million yuan from 725.0 million yuan, and total operating expenses declined year over year to 632.9 million yuan from 660.3 million yuan.

Reported net income decreased 14.5% from the prior-year period to 44.3 million yuan, or 11 fen per share, from 51.8 million yuan, or 13 fen per share.

As of Oct. 28, US$1 was equivalent to 6.78 yuan.