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Shenzhen Ideal Jewellery Q1 profit climbs 9.6% YOY

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Shenzhen Ideal Jewellery Q1 profit climbs 9.6% YOY

Shenzhen Ideal Jewellery Co. Ltd. said its normalized net income for the first quarter was 3 fen per share, a decrease of 37.4% from 5 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 9.8 million yuan, a gain of 9.6% from 8.9 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 grew 15.9% year over year to 171.2 million yuan from 147.6 million yuan, and total operating expenses rose 16.8% year over year to 152.7 million yuan from 130.7 million yuan.

Reported net income grew 10.6% on an annual basis to 11.6 million yuan, or 4 fen per share, from 10.5 million yuan, or 6 fen per share.

As of April 23, US$1 was equivalent to 6.20 yuan.