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Zhejiang Ming Jewelry Q3 profit climbs 23.3% YOY

Zhejiang Ming Jewelry Co. Ltd. said its normalized net income for the third quarter came to 4 fen per share, an increase of 35.0% from 3 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 19.8 million yuan, a gain of 23.3% from 16.1 million yuan in the prior-year period.

The normalized profit margin climbed to 2.5% from 1.4% in the year-earlier period.

Total revenue decreased 33.5% year over year to 784.5 million yuan from 1.18 billion yuan, and total operating expenses decreased 34.0% from the prior-year period to 759.8 million yuan from 1.15 billion yuan.

Reported net income grew 82.6% year over year to 9.7 million yuan, or 2 fen per share, from 5.3 million yuan, or 1 fen per share.

As of Oct. 21, US$1 was equivalent to 6.77 yuan.