CHINA: Tax hike impacts China Xiniya Q3 profit
- Q3 net profit down 19.9% to RMB71.8m
- Revenue up 17.4% to RMB361.1m
- Earnings affected by increase in tax rate
An end to its preferential tax rate led to a drop in third quarter profit for men’s casual apparel company China Xiniya Fashion, despite a double-digit increase in revenues.
The China-based business now expects full-year revenue to rise 24-29%, with earnings per share in the range of US$0.58-0.63.
“The three new flagship stores that were opened in July required significant investment by our distributors, which demonstrated their high level of confidence in the future of the Xiniya brand,” said Qiming Xu, chairman and CEO.
“Our September 2011 sales fair was very well received by our distributors and authorised retailers, as evidenced by a 26% increase in orders. I am very optimistic about Xiniya’s business momentum.”
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