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Zhejiang Giuseppe Garment swings to profit in Q4

Zhejiang Giuseppe Garment Co. Ltd said its fourth-quarter normalized net income was 12.4 million yuan, compared with a loss of 176,820 yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 5.1% from negative 0.1% in the year-earlier period.

Total revenue climbed 30.1% year over year to 241.3 million yuan from 185.4 million yuan, and total operating expenses rose 19.8% from the prior-year period to 217.7 million yuan from 181.8 million yuan.

Reported net income rose 54.1% on an annual basis to 28.7 million yuan, or 8 fen per share, from 18.6 million yuan, or 6 fen per share.

For the year, the company's normalized net income totaled 17 fen per share, a gain of 32.8% from 13 fen per share in the prior year.

Normalized net income was 61.9 million yuan, an increase of 36.2% from 45.5 million yuan in the prior year.

Full-year total revenue rose 12.0% on an annual basis to 786.7 million yuan from 702.4 million yuan, and total operating expenses increased 10.6% on an annual basis to 685.4 million yuan from 619.9 million yuan.

The company said reported net income grew 19.6% on an annual basis to 75.3 million yuan, or 21 fen per share, in the full year, from 62.9 million yuan, or 18 fen per share.

As of April 13, US$1 was equivalent to 6.27 yuan.