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Weiqiao Textile H2 profit climbs YOY

Weiqiao Textile Co. Ltd. said its normalized net income for the second half came to 44 fen per share, a gain from 6 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 521.5 million yuan, an increase from 71.4 million yuan in the prior-year period.

Total revenue decreased 6.3% year over year to 4.91 billion yuan from 5.24 billion yuan, and total operating expenses decreased 8.8% on an annual basis to 4.78 billion yuan from 5.24 billion yuan.

Reported net income grew year over year to 665.8 million yuan, or 56 fen per share, from 98.1 million yuan, or 8 fen per share.

For the year, the company's normalized net income totaled 66 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 55 fen.

EPS rose from 22 fen in the prior year.

Normalized net income was 792.9 million yuan, a rise from 261.2 million yuan in the prior year.

Full-year total revenue decreased 12.9% on an annual basis to 9.77 billion yuan from 11.21 billion yuan, and total operating expenses fell 11.5% year over year to 9.67 billion yuan from 10.93 billion yuan.

The company said reported net income grew on an annual basis to 979.3 million yuan, or 82 fen per share, in the full year, from 308.2 million yuan, or 26 fen per share.

As of April 14, US$1 was equivalent to 6.49 yuan.