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Xingquan International Sports fiscal Q3 profit climbs 54.5% YOY

Xingquan International Sports Holdings Ltd said its normalized net income for the fiscal third quarter ended March 31 came to 21 fen per share, a gain of 40.5% from 15 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 69.3 million yuan, a gain of 54.5% from 44.9 million yuan in the prior-year period.

The normalized profit margin climbed to 21.3% from 13.3% in the year-earlier period.

Total revenue decreased year over year to 324.9 million yuan from 336.2 million yuan, and total operating expenses declined 13.8% year over year to 227.6 million yuan from 264.2 million yuan.

Reported net income rose 65.2% on an annual basis to 86.1 million yuan, or 25 fen per share, from 52.1 million yuan, or 17 fen per share.

As of May 27, US$1 was equivalent to 6.20 yuan.