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Anhui Huamao Textile Q1 profit climbs YOY

Anhui Huamao Textile Co. Ltd. said its normalized net income for the first quarter was 7 fen per share, a gain from 1 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 61.8 million yuan, a gain from 12.9 million yuan in the prior-year period.

The normalized profit margin rose to 15.2% from 3.3% in the year-earlier period.

Total revenue climbed 8.4% on an annual basis to 427.5 million yuan from 394.4 million yuan, and total operating expenses grew 30.4% year over year to 456.8 million yuan from 350.5 million yuan.

Reported net income increased on an annual basis to 79.9 million yuan, or 9 fen per share, from 17.3 million yuan, or 2 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.